image
image
image

All Threads

Canadian Government Launches Ethereum Block Explorer.

The National Research Council of Canada (NRC) has launched a blockchain explorer built on Ethereum. According to a news release, the organization said the blockchain explorer application, dubbed Catena, was developed by Bitaccess and will be hosted by its Industrial Research Assistance Program on the InterPlanetary File System (IPFS).

This makes the hosted data always accessible and immutable, as it’s not organized in one location, which could subject it to site failure or access issues. According to Bitaccess, the explorer application is similar to a search engine, and it allows users to instantly “search the Ethereum blockchain” for “published grants and contribution data” stored on the network through Catena.

Moe Adham, co-founder of Bitaccess, in a statement said, “We built the Catena Blockchain Suite as a simple, low risk, application for institutions to get introduced to blockchain technology. So far the reception has been terrific”.

Using the IPFS function, users will be afforded a “peer-to-peer method of storing and sharing data” in a distributed method that makes them “unalterable” and preserved “far into the future” long after the original web host has gone offline.

The NRC statement read in part:

“These are early days, but NRC IRAP’s experiments with blockchain are expected to provide constructive insight into the potential for this technology and how it may be used for more open and transparent operations for public programs.”

Earlier this year, the NRC launched the Canadian government’s first live trial of public blockchain technology with the aim of building a transparent administration of government grants and contributions.

At the time of the launch, the government was able to use the blockchain to publish information on “new and amended Contribution Agreements with firms in real time.” Adham says his company’s goal is to help institutions “become fully transparent” and help constituents participate in the “verification and validation of public information.

  • 0 Paxex
  • 0
  • 305
  • 1

US Federal Trade Commission Issues Warning on Bitcoin Blackmail Scam ‘Targeting Men.

The Division of Consumer and Business Education of the U.S.Federal Trade Commission (FTC) published an article August 21 titled “How to avoid a Bitcoin blackmail scam.”

The FTC’s letter focuses on consumer protection, in what it calls a “new scam targeting men,” warning about blackmailing scams demanding payments in Bitcoin (BTC). The brief letter states:

Here’s how it works. Scammers have been sending letters to men, demanding payments using Bitcoin in exchange for keeping quiet about alleged affairs. The letter also explains how to use Bitcoin to make the payment.”

Among the “classic signs” of blackmailing, the FTC lists “threats, intimidation and high-pressure tactics” and advises consumers to “report it immediately to your local police, and the FBI.”

Cybersecurity firm Kaspersky Labs recently published a report according to which cybercriminals stole over $2.3 million via crypto scams during the second quarter of 2018.

Earlier this month the UK police published a report stating that crypto-related scams have led to $2.55 million in investor losses this summer alone.

  • 0 Paxex
  • 0
  • 176
  • 0

Alleged SIM Swapper Teen Purchased Luxury Cars with Stolen Bitcoin

Law enforcement officials in California have arrested another hacker accused of stealing cryptocurrency by hijacking phone numbers.

19-year old Xzavyer Narvaez has been charged with seven counts of computer crimes, identity fraud, and grand theft.

According to the report, Narvaez had spent some of the Bitcoin made on luxury cards. The police found a 2018 McLaren purchased by Narvaez in part with Bitcoin and partly by trading-in a 2012 Audi R8 through his DMV records. Investigators also obtained his records from Bitcoin payment provider BitPay and cryptocurrency exchange Bittrex, where they discovered a flow of 156 Bitcoin (worth $1 million), according to a court document. This new arrest comes on the heels of that of Joel Ortiz who is accused

of hijacking phone numbers to steal Bitcoin from victims in a first-of-its-kind crime earlier this year.

Investigators got on Narvaez’s trail when they found a cellphone used by Ortiz had, at some point, logged into Narvaez’s Gmail account. AT&T also provided the authorities with the unique identifying numbers of the cell phones used to take down the victim’s phone numbers, the coordinates of the phone towers they connected to and Narvaez’s call records. The information revealed Narvaez’s phone was connected to the same cell tower at the same time, as one of the phones used to SIM swap victims.

Hijacking phones, also known as SIM swapping or “port out scam” is a process of leading a telecoms provider into transferring a target’s phone number to a SIM card held by the hacker. Once they receive the new phone number, an attacker can use it to reset the victim’s passwords and break into their accounts, including e-mails and accounts on cryptocurrency exchanges.

The tactics employed by criminals perpetrating this fraud varies. Some attackers social engineer customer service agents of telecoms providers into believing they are the target. Others use, “plugs,” insiders within the telecom company who get paid for carrying out the illegal swap.

Last week, American investor Michael Terpin filed a $224 million lawsuit against AT&T claiming that he had lost $24 million worth of cryptocurrencies as a result of two separate hacks that occurred over a period of seven months. Terpin is currently seeking a $200 million punitive damages and $24 million in compensation from AT&T.

  • 1 Paxex
  • 1
  • 387
  • 1

Bitcoin Price Drops 4% as More ETFs Get Rejected.

Over the past 24 hours, the crypto market has dropped slightly in value, led by the 4 percent decline in the Bitcoin price. Ethereum, Ripple, and Bitcoin Cash fell by 5 percent.

The majority of analysts in the space have attributed the recent fall in the Bitcoin price to the rejection of several Bitcoin exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC).

Almost immediately after the decision of the US SEC was released, the Bitcoin price dropped from $6,400 to $6,250. But, the market rebounded relatively quickly back to $6,450, showing some stability in the lower range of $6,000.

Bottoming Out at $6,000

As BitMEX CEO Arthur Hayes previously said, it is possible for Bitcoin to test the $5,000 region before initiating a rally. But, whether it is $5,000 or $6,000, what investors like Hayes emphasized is that Bitcoin will need a period of stability before it initiates a proper mid-term recovery and rally.

Bitcoin has shown the highest level of stability in the past 14 months in the month of August, remaining in the mid $6,000 region since August 8. While the price of BTC has been volatile in the mid-$6,000 region, it has been able to maintain stability in the $6,000 to $6,500 range.

The immediate recovery of BTC from the ETF disapproval by the US SEC was a positive sign of market stability and awareness, as most investors were aware that the ETFs which were rejected by the SEC were tradable instruments based on derivatives.

Structurally and conceptually, the ETFs filed by ProShares and Direxion are different from the ETFs filed by the Chicago Board Options Exchange (Cboe) and VanEck. The ETFs filed by Cboe and VanEck are said to have the highest probability of being approved by the SEC due to their decades of track record and the structure of their ETFs that are equipped with insurance, transaction monitoring, and transparent pricing system.

In early August, Kelly said that Bitcoin ETFs will be postponed to their final deadline in February of next year and given that there exists no incentive or reason for the SEC to aggressively approve the first Bitcoin ETF in the market, he said that investors should expect all ETFs to be delayed up until that point.

Kelly added that if the market falls because of ETF disapproval, then investors are overreacting, because ETFs will hit the US markets eventually.

“It [Bitcoin] has had a tremendous run off of $5,800, and that was all really because people thought there was going to be a Bitcoin ETF. The SEC came out and postponed that decision. A little spoiler alert, on September 30, SEC will likely postpone in again, because the market is not ready for it and the SEC hasn’t had the answers to their questions yet,” Kelly said at the time on CNBC’s Fast Money

  • 0 Paxex
  • 0
  • 312
  • 0

Cryptocurrency May Be Treated As Commodity In India.

India is reportedly not going to issue a blanket ban on cryptocurrencies, but may label them as commodities, according to a source from India.

In a report from  one their media stations  India (Quartz) said, a senior government official, who requested anonymity, stated that they don’t think the panel set up to look into digital currencies ‘is really thinking of banning cryptocurrencies altogether,

He  said, “The issue here is about regulating the trade and we need to know where the money is coming from. Allowing it as (a) commodity may let us better regulate trade and so that is being looked at.”

  • 0 Paxex
  • 0
  • 259
  • 1

Thailand Embarks on Its Own Wholesale Central Bank Digital Currency

In an announcement on Tuesday, the Bank of Thailand outlined a preliminary roadmap for ‘Project Inthanon’, its central bank digital currency (CBDC) initiative.

The Bank of Thailand (BoT), the country’s central bank, is partnering 8 participating banks in a collaborative project that will use R3’s distributed ledger technology (DLT) platform Corda to build a proof-of-concept prototype that will enable domestic funds transfers within the country’s interbanking system with the issue of CBDC tokens. The collective endeavor to that end is being dubbed as ‘Project Inthanon’.

The decentralized money transfer initiative, powered by blockchain technology, is a means to ‘raise the Thai financial sector’s technological readinesses for adopting new disruptive technologies in a concentrated effort to ‘enhance operational efficiencies’, the central bank said in its announcement.

Project Inthanon was first announced by BoT governor Veerathai Santiprabhob during a financial summit in Singapore earlier in June this year, heralding the project as a “new way of conducting interbank settlement” using CBDCs.

Project Inthanon will be led by the BOT and will see New York-based R3 as its technology partner with 8 – mostly domestic – participating banks. The CBDC project draws parallels to similar efforts undertaken by BOT’s counterparts in Canada, Hong Kong and Singapore, the Thai central bank added.

‘The outcome and insights from Project Inthanon will contribute to the design of Thailand’s future financial market infrastructure,’ the BoT said, underlining the significance of the project.

Over a year ago, Singapore’s central bank completed Phase 1 of ‘Project Ubin’, its own blockchain effort that began with the intent to place “a tokenized form of the Singapore Dollar (SGD) on a distributed ledger platform.’ In June 2017, the Singaporean central bank revealed it had used a private Ethereum blockchain to successfully issue digital tokens of its national currency.

Phase 1 of Project Inthanon will see the BOT and the eight participating banks collaborate to design, develop and test a “proof-of-concept prototype for domestic wholesale funds transfer by using wholesale CBDC”, the central bank said. Core payment functionalities including risk management and means toward liquidity savings will also be tested during the phase, expected to be completed by March 2019.

The BOT confirmed it would subsequently publish a summary of the project, before outlining goals for the next phase of its central bank digital currency token.

The central bank said:

Building upon the findings and outcomes from Phase 1, the project participants aim to further develop the capabilities of the prototype for broader functions including third party funds transfer and cross-border funds transfer.

 

  • 0 Paxex
  • 0
  • 260
  • 1

Cryptocurrency

Regulation and the Future of the Crypto Industry*

Regulation will straighten up a lot of irregularities presently bedevilling the crypto space.

*ICOs may be completely banned.*
The implication of an outright ban on ICO is that fraudsters won’t have free license to harvest free money through ICO scam in the guise of the next big blockchain project.

Blockchain projects seeking early stage funding may have to source for funds from Venture Capitalists and or Angel Investors.

*Cryptocurrency Exchanges* may come under *heavy regulation and supervision through the issuance of operating license* where every coin or token applying for listing must meet certain minimum standard before being considered for listing.

For instance, if ICOs are banned, all coins or tokens which raised money through an ICO may not be qualified for listing on any licensed exchange. As erring *will lead to withdrawal of operating license.*

*Tokens may be classified as securities*
If Tokens are classified as securities, the implication is that anyone who participates in an initial coin/token offering automatically becomes a shareholder of the business proportionate to the amount invested, which also means you are entitled to a be paid dividends and not just a coin or token holder.

If Coins or Tokens sold during an Initial Coin Offerings are classified as security; another implication is that *individuals may not be allowed to directly invest in them,* similar to what’s obtainable in Initial Public Offering and the *Stock Exchange* where institutional investors and individuals can only invest through *Certified Stock Brokers.*

Considering the unique nature of cryptocurrencies, a special body may be created which will make rules and guidelines that are specifically designed to regulate cryptocurrencies and the entire ecosystem.

*Exchanges will come under serious regulation and supervision*
Although, some level of transactions can be done Over The Counter (OTC), cryptocurrency exchanges remain the main gateway between the fiat world and crypto the world as they provide liquidity for high volume transactions. Hence they will be heavily regulated to prevent money laundering. This will require various level of Know Your Customer (KYC) and Anti Money Laundering (AML).

As you might have noticed, exchanges have started being strict about KYC.

Regulation of exchanges may lead to the delisting of *Privacy Focused Coins,* as seen in the delisting of some privacy focused coins after Japan’s leading cryptocurrency exchange, *Coincheck* was hacked and about $500m worth of NEO stolen.

Regulation of exchanges will also help sanitize the crypto space of scam coins, as it will be more difficult for scammers to find their way to exchanges and coin market indexing sites such as coinmarketcap.com and worldcoinindex.com

*Conclusion*
As for now, the US Securities and Exchange Commission stated that, *Ethereum ‘in Its Present State’ Is Not a Security,* however the future of other coins and tokens which raised money is yet unknown, but *in my opinion, each project will be analysed on case by case and concessions might be made*

The above analysis is based on what I think the future of crypto will look like from the US Government perspective, which I believe 2/3 of the developed world will fashion their regulation similar to whatever the US Government comes up with. *As for Africa, anything goes. We don’t even have an indigenous exchange to start with.*

Regulation will be a good thing for the future of crypto.

*#BitcoinForAfricaInitiative #MarketAnalysis #CryptoEducation #Bitcoin #CryptoAnalysis*

  • 0 Paxex
  • 0
  • 243
  • 0

Crypto!!

Crypto tokens plummet by $470 billion in the last 2 days.

  • 0 Paxex
  • 0
  • 213
  • 0

BCG Report Offers ‘Reality Check’ for Blockchain in Commodities Trading.

Major U.S. consulting firm Boston Consulting Group (BCG) has released an in-depth report August 16, which it dubs a “reality check” for the use of blockchain in the commodity trading industry.

For commodities trading, BCG argues that there is a strong argument for using blockchain, while taking stock of “significant drawbacks on several fronts.” The report tackles both the “hype,” but also many of the negative “misperceptions” that distort people’s view of the technology.

According to BCG, blockchain at first glance appears to be “a natural fit for the commodity business.”

Its power to immutably and transparently record complicated transactions and track goods could both significantly reduce physical delivery risks and improve trust, standardization and efficiency — particularly for complex, multi-counterparty transactions, the BCG report notes.

Blockchain could also benefit regulatory oversight, removing the need for manually submitted compliance reports and allowing regulators to use “the more accurate, timely, and granular information in the ledger [in order] to make… more effective interventions.”

Nonetheless, BCG notes that while greater transparency “would lead to fairer prices… it could also be “bad news,” for some, in particular those traders whose profits “rely on pricing inefficiencies to make money.”

BCG also takes stock of the real-world hurdles that could stand in the way of mass adoption according to co-author Antti Belt:

People have spent millions, sometimes over $100 million, on [an] IT system; do they want to do it again?”

BCG then tackles several misperceptions that it believes people transpose from the cryptocurrency space onto the underlying technology itself. These include the power-hungry nature of the technology, which it notes mainly applies to public blockchains that rely on compute-intensive consensus algorithms such as proof-of-work (PoW) to achieve security.

Permissioned blockchains — those that would be used for commodities trading — by contrast  “entail greater trust between participants,” so that verifying transactions would be faster, less expensive and less power-hungry.

BCG also punctures perceptions of “complexity shortcomings” relating to blockchain applications, arguing instead that:

The technology allows multiple ledgers—for assets, cash positions, and securities—to interface with one another. This can result in a degree of data transparency and enrichment across value chains that would be impossible to achieve otherwise.”

  • 0 Paxex
  • 0
  • 178
  • 0

Ripple Partners with Three Crypto Exchanges as Part of XRapid Solution.

A Serbian and Italian national has been ordered to pay bail in cryptocurrency while he faces charges that he hacked the computer network of a San Francisco game company.

According to a news release from the United States Attorney’s Office, an FBI investigation found that an individual, later alleged to be Martin Marsich, had illegally breached the gaming firm’s network, gaining access to around 25,000 accounts through which users could buy in-game items.

As well as allegedly using stolen information to buy and sell in-game items, Marsich is also accused of selling access to the accounts on dark market websites, in total causing claimed losses of $324,000 to the company. The firm apparently closed the affected accounts after the intrusion was discovered, the report says.

The accused made an initial appearance at a federal court in San Francisco on Aug. 9, after reportedly being arrested at San Francisco International Airport while trying to board a flight to Serbia.

At the hearing, Magistrate Judge Corley said Marsich could be released to a halfway house on the condition that he hands over bail of cryptocurrency to the value of $750,000.

According to a report from The Daily Post, Assistant District Attorney Abraham Simmons said it was likely not the first time cryptocurrency had been allowed to be put up for bail, since judges can accept other assets such as real estate.

Simmons was quoted as saying:

“It really is quite broad. The judge could order just about anything. What the objective is is to get the defendant to comply with an order to appear later.”

Marsich faces a maximum sentence of five years’ imprisonment and a fine of $250,000 if found guilty, the Attorney’s Office

  • 0 Paxex
  • 0
  • 242
  • 1

California Judge Orders Accused Hacker to Pay Bail in Crypto.

A Serbian and Italian national has been ordered to pay bail in cryptocurrency while he faces charges that he hacked the computer network of a San Francisco game company.

According to a news release from the United States Attorney’s Office, an FBI investigation found that an individual, later alleged to be Martin Marsich, had illegally breached the gaming firm’s network, gaining access to around 25,000 accounts through which users could buy in-game items.

As well as allegedly using stolen information to buy and sell in-game items, Marsich is also accused of selling access to the accounts on dark market websites, in total causing claimed losses of $324,000 to the company. The firm apparently closed the affected accounts after the intrusion was discovered, the report says.

The accused made an initial appearance at a federal court in San Francisco on Aug. 9, after reportedly being arrested at San Francisco International Airport while trying to board a flight to Serbia.

At the hearing, Magistrate Judge Corley said Marsich could be released to a halfway house on the condition that he hands over bail of cryptocurrency to the value of $750,000.

According to a report from The Daily Post, Assistant District Attorney Abraham Simmons said it was likely not the first time cryptocurrency had been allowed to be put up for bail, since judges can accept other assets such as real estate.

Simmons was quoted as saying:

“It really is quite broad. The judge could order just about anything. What the objective is is to get the defendant to comply with an order to appear later.”

Marsich faces a maximum sentence of five years’ imprisonment and a fine of $250,000 if found guilty, the Attorney’s Office.

  • 1 Paxex
  • 1
  • 241
  • 0

Police Arrest Hackers Suspected of Stealing $87 Million in Crypto.

Chinese police from multiple cities have arrested three individuals who allegedly stole bitcoins and other cryptocurrencies worth around $87 million.

On Saturday that the three were busted on Aug.15 in the provinces of Hunan and Changchun and the country’s capital Beijing after a months-long investigation launched by the police.

According to the report, a self-declared victim, identified by the surname Zhang, first filed a complaint to the police in the northwestern city of Xi’an in March, alleging his computer had been hacked and crypto assets worth around $14.5 million stolen.

The police investigation, which received assistance from several unnamed internet companies, later located a suspect with the surname Zhou, who they claimed had made a remote attack to transfer the funds from Zhang’s computer.

As the investigation continued, the police further identified two alleged accomplices of Zhou that they said were highly experienced hackers.

The group was further accused of having conducted a series of illegal cyber intrusions into corporate and personal networks to obtain crypto assets initially estimated to amount to 600 million Yuan, or about $87 million.

The arrests come at a time when Chinese police are stepping up efforts to crack down on cybercrimes relating to cryptocurrency.

Just a month ago, police in China’s Dalian city also arrested 20 suspects from an IT firm who allegedly used crypto mining malware to infect over a million computers and reportedly earned more than $2 million over two years.

  • 1 Paxex
  • 1
  • 232
  • 1

UPS Eyes Blockchain in Bid to Track Global Shipping Data

Shipping giant UPS has filed for a new patent that uses blockchain as part of a distributed system for sending packages worldwide.

The patent application, published on Aug. 16 by the U.S. Patent and Trademark Office (USPTO), further reveals the company’s interest in using blockchain to re-envision how shipments move around the world.

Entitled “Autonomous services selection system and distributed transportation database(s),” the concept involves storing numerous types of data within a distributed ledger network, including information about a package’s destination, its movement and transportation plans for shipment units.

As previous report stated, UPS joined a transportation-focused blockchain consortium in 2017 and has even hinted at the idea of accepting bitcoin through a proposed system of item-exchange lockers.

Notably, UPS suggests using more than one distributed ledger in an effort to track a range of shipment orders, “each providing varying information/data regarding respective asset types (e.g., shipment units and/or associated shipment units).”

“Thus, certain embodiments enable tracking of a first set of shipment units and a second set of shipment units associated with the first set of shipment units separately, thereby enabling the use of various smart contracts relating to shipping services and shipment unit handling in a bifurcated manner,” the company wrote.

That the company would look at different ways to enhance the process through which it moves shipments around the world is perhaps unsurprising, given its scale. UPS shipped more than 5 billion packages and documents last year, according to its website, earning $54 billion in revenue

  • 0 Paxex
  • 0
  • 271
  • 1

Cofredcoin Security.

Cofredcoin addresses require at up to 5 signatures for every withdrawal: one of ours, and up to 4 of yours. Simply put: we do not have access to your coins.

This section tells you how we approach our systems’ and users’ safety and provides guidelines for you to follow.

Cofredcoin Security is best in Class Security, rest easy knowing your Wallet is secure with the world’s most trusted Cofredcoin wallet.

We give you full control, back up your funds, and protect them from unauthorized access.

  • 0 Paxex
  • 0
  • 221
  • 0

CofredCoin Web Version!

Our web application is currently active. In this regards, we appreciate you to continue to use both our web applications and mobile applications.

As for our mobile application, we can download it from the google playstore/ Applestore, and start using it now  

We appreciate your continuous patronage and we promise to continue to improve the CofredCoin platform to meet your needs and much more.

We will keep on updating you for any development about our applications. 

 THANKS FOR PATRONIZING OUR TRADING PLATFORM.

CofredCoin is the easiest and secure way to buy, sell and store digital currency.

CofredCoin provides easy payment methods by allowing its users to link their Visa, MasterCard and Mobile Money wallet to buy and sell cryptocurrency.

CofredCoin is a service of Cofred which has been a secure and quick payment service provider since 2013. Cofred is a truly global company with its headquarters based at Kasoa, Ghana and our other office at Lagos, Nigeria with a staff straight of over 100 representing Ghana and Nigeria.

  • 1 Paxex
  • 1
  • 292
  • 0
image
image
image