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CentrePrime Incorporates Chainlink Network To Offer Foreign Exchange Rates Data To DeFi From South Korean Banks

By
Adam Barry
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0

Chainlink (LINK) is incorporating private Hyperledger-based network CentrePrime to bring forex rate data stream from leading Korean Banks that include Korea Industrial Bank (IBK), Hana Bank, Nonghyup Banak and Shinhan Bank to DeFi.

CentrePrime integrates Chainlink network with Korean banks

The integration of Chainlink’s decentralized network to the banks is a huge milestone for the Fintech space in Korea. CenterPrime has access to the open banking API in Korea which streams foreign exchange rate data from various local banks in the country. With the integration, applications will now access decentralized FX rates that have been compiled by leading banks in Korea. Most importantly projects will now access exceptional exchange rates data sourced from leading institutions.

CentrePrime indicated in a press release that this was a huge breakthrough for the fintech industry in the country. The firm indicated that for the first time it will be possible to access decentralized FX rates that have been compiled by leading banks. Most importantly the exchange rates will be expressed in the local KRW currency. Therefore this will open a range of opportunities for the expansion of blockchain-based applications that work with DeFi and international applications to create products in local KRW currency prices.

Banks to be part of the smart contract revolution

Sergey Nazarov the co-founder of Chainlink indicated that this was a chance for banks to be part of the smart contract revolution. He said that he believes banks will be part of the blockchain and smart contract revolution which will help them in reinventing the financial system by offering important data and other various financial products services. Chainlink has experience in the creation of a decentralized data transfer link following its engagement in the creation of several decentralized reference price networks that offer a value of more than a billion dollars to most top DeFi applications.

Korea is among the world’s top and advanced economies and is the home for big companies such as LG and Samsung. Equally the country has seen higher adoption of cryptocurrencies. Therefore the access to decentralized data from banks will expand the use of DeFi.

Ex-Nissan CEO Carlos Ghosn Paid An Extradition Team $500,000 BTC To Smuggle Him Out Of Japan

By
Adam Barry
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0

In December last year, ex-Nissan CEO, Carlos Ghosn escaped house arrest from Japan after his son paid $500,000 in bitcoin to the extraction team.

Ghosn’s son  in paid $500,000to smuggle his father from Japan

US prosecutors indicated in a court filing that Ghosn’s son paid ex-US Special Forces veteran Michael Taylor and Peter Taylor the sum to smuggle his father out of Japan. The Taylors smuggled Ghosn in a musical instrument case out of Japan’s Kansai International Airport in a private jet to Istanbul before continuing to Beirut Lebanon. The amount was paid in BTC through Coinbase an in total Ghosn paid Taylor around $1.36 million to facilitate his escape to Lebanon.

The payments were reportedly paid in installments from January through May after the dramatic escape of Ghosn on December 29. According to Japanese investigators, Ghosn had wired around $860,000 to Peter Taylor’s company as the initial payment. The Taylors were arrested in May at the request of Japanese authorities and have been in custody since. Federal prosecutors offered documents from Coinbase that showed the transfers made by Ghosn’s son to Peter Taylor in arguing against granting bail to the Taylors.

Ghosn accused of financial misconduct by Nissan

Ghosn had been living in a house that was under surveillance waiting to stand trial for financial misconduct crimes. Nissan claims that for years the ex-CEO understated his compensation in the securities exchange as well as engaged other acts of financial misconduct.  In April he had posted bail of $8.9 million and was banned from using technology and traveling abroad. He then pulled a Hollywood-esque escape to Lebanon. The ex-Nissan CEO was indicted on charges of financial crimes that resulted in solitary confinement, detainment, interrogation without a lawyer, and finally house arrest.

On the other hand, Ghosn who holds Lebanese citizenship is enjoying his freedom in Beirut since there is no extradition agreement between Japan and Lebanon. In a statement following his escape, Ghosn indicated that he had fled injustice and political harassment and even described the escape as mission impossible

Apple Co-Founder Steve Wozniak Sues Youtube Over Crypto Scams

By
Adam Barry
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0

Apple co-founder, Steve Wozniak, sued YouTube and its parent company, Google, to continually allow scammy and phishing bitcoin giveaways to use his likeness. Wozniak and 18 others have filed a lawsuit seeking damages and order to have the video giant remove all bitcoin giveaway scams that use Wozniak’s name and likeness. 

Scammy Bitcoin giveaways

In an announcement, law firm Cotchett, Pitre & McCarthy Google failed to protect YouTube users from fake Bitcoin giveaways scams. According to the law firm, several channels run ‘giveaway’ scams calling on people to send cryptocurrency to certain addresses in return for more cryprocurrency.

According to the lawsuit, scammers are using Wozniak’s images and videos to convince YouTube users that he is hosting a live event. Anyone who sends him bitcoins will have the cryptocurrency doubled. He further states that YouTube has not responded to several requests to have the fraudulent videos taken down. The lawsuit comes a few days after hackers took control of Twitter accounts belonging to prominent personalities like Barack Obama and Joe Biden and posted scammy bitcoin adverts. Twitter responded swiftly to recover the affected accounts.

“The allegations paint a picture of an algorithm-driven tech giant that does not respond to victims and that YouTube has allowed scammers to use me, Bill Gates, Elon Musk and others to defraud innocent people out of their cryptocurrency,” Wozniak said in a statement.

Ripple Labs also filed against Youtube

This is not the first lawsuit filed against YouTube for scamming activities involving cryptocurrency. Early this year, Ripple Labs and its CEO, Brad Garlinghouse, filed a lawsuit against the video platform accusing it of failing to monitor and take action against fake XRP giveaway scams that were causing the company reputational and monetary loss.

The lawsuit further alleges that images of other prominent personalities and entrepreneurs like Elon Musk, Bill Gates, and Michael Dell are being used to scam unsuspecting users. Wozniak is seeking damages for violation of his rights of publicity, negligent failure to warn users, aiding and abetting fraud, and misappropriating his name and likeness.

Crypto Firm Copper Integrates Signet Payment Platform To Support US Dollar Transactions

By
Adam Barry
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0

UK cryptocurrency custodian Copper is the latest crypto firm to offer support for the US dollar through the integration of the Signet blockchain platform from Signature Bank.

Copper integrates Signet to support US dollar payments

On July 20, the firm announced support for the US dollar and now Copper customers can settle transactions and pay instantly using the US dollar as well as other currencies. The integration of the blockchain payment platform will significantly reduce the time and challenges asset managers encounter in the transfer of fiat currencies between trading environment and bank accounts.   So far some cryptocurrency firms have integrated with Copper and Signet include LMAX, Huobi, Bitstamp, Kraken, and OKCoin.

The collaboration shows increasing blockchain adoption by mainstream institutions. Dmitry Tokarev the CEO of Copper believes that the use of blockchain services offered by conventional banks is an indication of how the technology has grown in recent years. He added that this year the maturity of the cryptocurrency market has accelerated significantly.

Most importantly traditional asset managers and hedge funds have been taking cryptocurrency positions to hedge against the risk of hyperinflation and weaker markets. On the other hand, central banks have also been turning to virtual currencies and blockchain as the building blocks from the next-gen financial services.

Mainstream adoption of crypto growing

According to Tokarev if the current rate of blockchain industry development is kept post the pandemic the main focus will be on partnerships and collaborations with financial institutions. The integration of Signet by Copper is one such example of the trend continuing and it is likely to be replicated by other firms in the industry. The Department of Financial Services of New York approved the Signature Bank’s blockchain payment platform in late 2018.

In recent times, traditional banks have increasingly started using blockchain technology. This past week Multinational bank Banco Santander as well as four banks in Spain completed successfully a proof of concept for payments through smart contracts. Payments system IberPay manager is coordinating the initiative. Last week there were also reports that the central bank of Thailand was testing a virtual version of its local currency.

Miner Behind Bitcoin Creation Unmasked After Revelation of A $10.9 Billion BTC Stash

By
Adam Barry
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0

Whale Alert recently revealed that a miner called Patoshi is the anonymous creator of Bitcoin popularly known as Satoshi Nakamoto. The blockchain tracking and analytics provider revealed that Patoshi had mined more than 1.125 million bitcoins worth over $10.9 billion during the infancy of Bitcoin to protect it from a 51% attack.

BTC miner Patoshi is Satoshi Nakamoto

According to Whale Alert, Patoshi mined early blocks that included the first bitcoin transaction to Hall Finney, a renowned developer, and BTC contributor. Whale Alert concluded that Patoshi was indeed Satoshi based on independent research by cryptographer Sergio Lerner. According to Lerner Patoshi was the creator of bitcoin-based on a cryptographic pattern that showed early BTC mining was conducted by one person with access to improved mining software.

Following the pattern, Whale Alert also realized that the Patoshi miner had altered the speed between the blocks to maintain the mean block time at 0.6 blocks for every 10 minutes. As a result of the patterns that Patoshi left and the code that is stored in every BTC block, Whale Alert concluded that the initial BTC mining operation comprised of 48 computers.

Satoshi wanted to protect the network from a 51% attack

Whale Alert indicated that the reason to adjust the speed was to keep block time close to 10 minutes or it might have been for protection against a 51% attack on the network. Satoshi kept his hash rate share at 60% because as the network grew there the possibility of 51% became a major threat for BTC. It appears that Satoshi was protecting the network but as it grew it became less prone to attacks and thus reduced block creation rate to 1 block for every 10 minutes.

According to most analysts, Satoshi might have stopped BTC mining at block 54,316 after considering the network adequately decentralized. His actions seem to focus on protecting the network as BTC hash rate increased globally and mining grew. It seems unlikely that Satoshi will ever sell some of the BTC supply which will have a deteriorating impact in the network.

Coinsquare Accused Of Market Manipulation With 840K Wash Trades; 590K Bitcoins

By
Adam Barry
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0

The Ontario Securities Commission has filed legal proceedings against cryptocurrency exchange Coinsquare and its executives accusing it of market manipulation and misleading clients about trading volumes. The company is said to have manipulated the market with 840,000 wash trades amounting to around 590,000 bitcoins.

Coinsquare executives accused of wash trading

Coinsquare is accused of engaging in practices contrary to Ontario security laws through wash-trading and reports of a hack.  The company’s founder Virgile Rostand, CEO Cole Diamond, and chief compliance officer Felix Mazer have been named in the lawsuit as respondents.

Coinsquare launched in 2014 has its offices in Toronto. The trading platform had around 235,000 accounts as of Dec. 14, 2019. According to the regulator, Coinsquare has not been registered with the commission. 

The company’s CEO is accused of ordering creation of an algorithm to inflate company’s trading volumes on its platform. This, according to the regulator, resulted in around 840,000 wash trades valued at around 590,000 bitcoins. Coinsquare is also accused of misleading its clients about inflated trading volumes by continuing with wash trading even as employees raised concerns. The company is said to have hired an “internal whistleblower” to work on its automated trading strategy. The whistleblower was fired in 2019 after he raised concerns about the inflated trading volumes.

Holding market participants accountable

In a statement, the regulator said the charges against Coinsquare will make the company accountable for their mistakes and send a message to other market participants in the crypto industry. OSC further noted that the crypto company has been working with regulators to settle and create a secure path for the company to continue its operations. According to regulator, this will involve obtaining registration and being registered as an Alternative Trading System. The company has since taken full responsibility for the misconduct and is cooperating with regulators.

The OSC investigated and eventually prosecuted the matter following a report in June that accused Coinsquare of inflating its trading figures. The report resulted from leaked emails that showed the company is involved in wash trading.  

Several Chinese Government Services Now Powered By Blockchain

By
Adam Barry
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0

The Chinese government has incorporated blockchain technology in many of its services. According to the first blockchain blueprint released by the government, 140 applications are currently using blockchain technology. The applications are grouped into three categories;

  • Data sharing and exchange
  • Business collaborative processing
  • Electronic certificate and certificate storage

On a global scale, China commands 25% of new blockchain installations. The country also has the highest number of blockchain patents in the world. In addition, China is home to several big names in the blockchain industry.

Using blockchain, the government can streamline its processes, protect data, and reduce waste, fraud, and abuse. Besides, the government is able to increase trust and accountability in its processes. Blockchain brings together governments, businesses, and individuals to share resources over a cryptography-secured distributed ledger. This eliminates failures and protects sensitive government and citizen data.

China launches national blockchain platform

China has developed a national blockchain platform as part of its long term strategy to become a global leader in digital transformation. The Blockchain Service Network (BSN) under the State Information Center was unveiled in April and is available for domestic and global commercial use. The platform is available to software companies and individuals who can plus and develop their own blockchain-based applications.

The Chinese government has included the development of blockchain technology in its 13th Five-Year Plan. In 2019, President Xi Jinping said his government is working on making China a global leader in technology and innovation.

The blockchain platform for real estate registration brings together 11 government sectors, among them the public security bureau, the tax bureau, the housing and urban-rural development commission, and the municipal planning commission. “The relevant departments will handle the real estate registration business and store the relevant information in the blockchain to ensure the credibility of the electronic license […] to realize the traceability of the sharing process,” of the country’s blockchain blueprint.

Promoting data sharing

The Asian superpower is seeking to promote data sharing in medical institutions using blockchain technology. Among other objectives, the move is meant to cover the country in the wake of future pandemics.

Hackers Take Over Twitter Accounts Of Joe Biden, Barack Obama, Elon Musk, Bill Gates

By
Adam Barry
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0

A criminal syndicate has taken over Twitter accounts belong to Joe Biden, Barack Obama, Warren Buffett, and Bill Gates. The hackers are targeting Twitter accounts that have many followers and asking for donations to a Bitcoin address. The hackers have already collected more than 11.5 BTC with another related scam soliciting for donations in XRP.

Other celebrity accounts that have suffered similar attacks include Mike Bloomberg, Jeff Bezos, Kanye West, and Kim Kardashian West. “Everyone is asking me to give back, and now is the time,” one of the tweets said. In a statement, Twitter said, “We are aware of a security incident impacting accounts on Twitter. We are investigating and taking steps to fix it. We will update everyone shortly.” Twitter managed to recover the majority of accounts three hours after acknowledging the attack.

Attacks on prominent accounts could have a huge impact

This could be Twitter’s largest security breach in its history due to a large number of prominent accounts affected. This is a worrying trend, not because of the financial implications involved, but because most world leaders use Twitter to announce major decisions. President Donald Trump is especially known for running the government on Twitter.

In 2019, hackers took over Twitter CEO, Jack Dorsey’s account to raise concerns over the security of accounts on the platform. Many questions were raised on whether any account on the platform can avoid being compromised. Following Dorsey’s hack, the social media giant took steps to fix the attackers’ mechanisms. However, the attackers seem to have devised another mechanism in the recent wave attacks.

Concerns raised over security of Trump’s account

The White House did not comment on whether it was concerned about the President’s account being compromised or whether it was in touch with Twitter to avert any such situation. The Bitcoin wallet promoted in the tweets was apparently opened on Wednesday. The wallet received more than $100,000 worth of Bitcoins hours after its identification number was posted on the accounts. This money was paid through hundreds of transactions. The hackers transferred some of the Bitcoin to other accounts in a scam that attracted the FBI’s attention.

Chinese Ride-Hailing Firm, Didi Partners With PBoC To Pilot A Digital Currency (DCEP) on Its Platform

By
Adam Barry
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0

The People’s Bank of China’s (PBoC) Digital Research Institute has entered a partnership with a Chinese ride-hailing company, DiDi, to accelerate the development of the planned digital currency.

Didi enters an agreement to design and implement PBoC’s DCEP

As per the agreement, DiDi will expedite the application of the Digital Currency Electronic Payment (DCEP) via its ride-hailing platform. According to the company, its DCEP team will design and implement pilot DCEP projects according to the government’s security, safety, and governance standards.

DiDi told Coindesk in an email that the partnership is a huge milestone for the company’s current initiatives of enhancing interconnectivity between offline and online economic sectors. This comes as the government tries to support the development of innovative financial services.

Didi is China’s equivalent of Uber following its acquisition of Uber China. Since its establishment in 2012, it has received backing from companies like Apple, Alibaba, Tencent, and SoftBank.

Although the firm has not provided the finer details regarding the rollout of the pilot plan, we could likely have the first application of PBoC’s digital Yuan initiative. Didi has touted that digital Yuan could reach over 500 million people in the country.

Most recently, Didi was valued at more than $6o billion, although US outlet The Information said in a report in October last year that investors were exiting at a lower valuation. In May, the firm finalized a $500 million capital raise for its autonomous driving division.

DCEP undergoing a test run

In the past few months, there have been leaked UI screenshots showing that four of China’s largest state-owned banks were developing and attest running for a wallet application. This cryptocurrency wallet application will be used for storing, sending, and receiving DCEP. 

The test phase is reportedly going on in four Chinese cities in select shops like Subway, Starbucks, and McDonald’s. Also, government agencies are participating in the test run. In April, there was a report on a news outlet that some government agencies were going to receive their allowances in the form of DCEP.

Coinbase Licensed Analytics Platform To Recoup Costs As Its CEO Advocates For Use Of Privacy Coins

By
Adam Barry
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0

Coinbase CEO, Brian Armstrong, defended the exchange’s licensing of the analytics software to government agencies stating that if there was a need for privacy, then people can use privacy coins.

Coinbase licensed Analytics Software to recoup costs

In a Twitter post, Armstrong discussed Coinbase Analytics Software and the firm’s practice licensing the platform. He explained that cryptocurrency exchanges need to have an analytics software complying banking regulations. Armstrong indicated that crypto exchanges maintaining connections with banking systems like completing wire transfers or connecting bank account to enable conversion of fiat currency to digital assets should follow AML regulations. This includes using blockchain analytics solutions for purposes of monitoring transactions.

Armstrong affirmed that there is a lot that can be done with the current AML regulations, and the exchanges didn’t create them. However, the AML laws are the right rules for legally operating a fiat currency to a cryptocurrency exchange.

Over the weekend, Coinbase was under criticism on social media, following its analytics platform’s licensing to the US Department of Homeland Security and Secret Service. Armstrong responded to the criticism stating that building an analytics software platform was expensive, and thus, selling it to recoup costs was a reasonable move. He added that having analytics software was important to encourage interaction between cryptocurrency and fiat currency.

Transactions are traceable in the public blockchain

The CEO asserted that transactions on public blockchains are currently traceable even if Coinbase didn’t sell the analytics software to government agencies. For Armstrong, those seeking privacy should go for privacy coins. He alluded that he is a fan of privacy coins because there is a need for everyone to have financial privacy. He likened it with the internet moving to HTTPS from HTTP over time.

The licensing of the platform to the Secret Service has been helpful as the agency has enhanced cybercrimes scrutiny. The agency recently launched a Cyber Fraud Task Force to assess the role of digital currencies in illegal online activities.

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