The Weekly: China Hires Cryptographer, McDonald’s Unveils Maccoin, Bitmain Gets Richer

The Weekly: China Hires Cryptographer, McDonald’s Unveils Maccoin, Bitmain Gets Richer

In this week’s daily editions of Bitcoin in Brief we reported about China hiring a cryptographer, McDonald’s unveiling Maccoin, Bitmain getting richer and much more. The most commented-on article during the week covered Paul Krugman’s new attack on the idea of cryptocurrency on the pages of The New York Times.

Also Read: $37 Million of Bitcoin Revenue Helps Square Accelerate Growth in Q2

Vitalik Wants More Crypto Cards

On Monday, we reported that the founder of Ethereum, Vitalik Buterin, seems to think that there is too much effort to bring cryptocurrencies to Wall Street rather than Main Street. The crypto influencer twitted: “I think there’s too much emphasis on BTC/ETH/whatever ETFs, and not enough emphasis on making it easier for people to buy $5 to $100 in cryptocurrency via cards at corner stores. The former is better for pumping price, but the latter is much better for actual adoption.”

Bitmain Gets Richer

The Weekly: China Hires Cryptographer, McDonald’s Unveils Maccoin, Bitmain Gets RicherThe big news on Tuesday was that  Bitmain has added another $2 billion to its valuation, making the Chinese mining behemoth worth a whopping $14 billion ahead of its IPO. Bitmain reportedly pulled in a profit of $1.1 billion in Q1 of 2018 alone. To place that in context, the total value of all BTC mined in the same period was around $1.3 billion. It seems there really is more money in selling shovels than in chasing digital gold. There’s no official date for Bitmain’s IPO yet, other than that it’s coming “very soon”.

McDonald’s Unveils Maccoin

An interesting story we covered on Wednesday is that to celebrate the 50th anniversary of the Big Mac, McDonald’s has announced the Maccoin, a “limited edition global currency” backed by the Big Mac. Starting at lunch time on August 2, customers can receive a Maccoin with the purchase of a Big Mac at 14,000 participating restaurants across the US. For the rest of the year customers can redeem their Maccoin for a free Big Mac at participating McDonald’s restaurants in the US and in more than 50 participating countries. The company said that more than 6.2 million Maccoins will be distributed globally in over 50 countries while supplies last.

Poloniex Under Investigation

The Weekly: China Hires Cryptographer, McDonald’s Unveils Maccoin, Bitmain Gets RicherOn Thursday, it was reported that the Delaware-based cryptocurrency exchange, Poloniex, has been placed under investigation by the US Department of Justice (DoJ). The move follows a number of complaints from users who had been denied access to their account profiles. The Chief Special Investigator of the Investors Protection Unit (IPU) at the DoJ has reportedly sent out an email to a number of selected active Poloniex users on July 25, asking them to revert back if they had encountered any difficulties when using their Poloniex accounts.

China Hires Cryptographer

On Friday, we reported that the government of China is looking to hire a cryptographic specialist for one of its censorship agencies. The job posting published by the Chinese Public Broadcasting Research Institute under the State Administration of Radio and Television states that the applicants should be competent in cryptography and ready to “follow the advanced technologies in the field of blockchain and cryptocurrency.” According to the ad, the best candidate for this particular position should be a tech specialist with knowledge and skills in cryptographic algorithms and optimization. The job includes monitoring and developing tools to analyze the threats stemming from different cryptographic applications.

Governor of Jeju Gets a Bitcoin.com Wallet

The Weekly: China Hires Cryptographer, McDonald’s Unveils Maccoin, Bitmain Gets RicherOn Saturday, we reported that Won Hee-ryong, the governor of Jeju in South Korea, has presented some ambitious plans for his province and they involve cryptocurrency adoption with the help of Bitcoin.com and Bitcoin Cash (BCH). He wants to turn Jeju Island into Korea’s Crypto Valley and has already made proposals for that to the country’s National Assembly. Won met with Bitcoin.com CEO Roger Ver who promised to contribute to the realization of the project and support the efforts of the governor. Mr. Ver showed Mr. Won how to download and install the Bitcoin.com wallet on his smartphone.

Paul Krugman is Wrong Again

The most commented-on article during the week covered the famed economist who’s made a career out of being wrong about things, Paul Krugman. The professor attacked the idea of cryptocurrency again on the pages of The New York Times. He wrote, among other things, that: “If speculators were to have a collective moment of doubt, suddenly fearing that Bitcoins were worthless, well, Bitcoins would become worthless.” Join the discussion.

This Week in Bitcoin Podcast

Catch the rest of this week’s news in the This Week in Bitcoin podcast with host Matt Aaron.

What other stories in the Bitcoin world caught your attention this week? Share your thoughts in the comments section below.


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Where OmiseGo Founder Sees Massive Ethereum Scaling and Adoption by 2020

Jun Hasegawa, the founder and CEO at OmiseGo, a billion dollar blockchain network launched on top of the Ethereum protocol, has outlined the future of Ethereum and the roadmap of its growth over the next two years. Massive Scaling and Adoption by 2020 2017 was a year of speculation for both Ethereum and projects launched

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Ethereum Creator: Mass Adoption Matters More Than Cryptocurrency ETFs

Ethereum co-founder Buterin Vitalik believes that the crypto community has focused too much on ETFs rather than making cryptocurrency easier to use as a method of payment for everyday purchases via payment cards, according to a recent tweet. An ETF will benefit cryptocurrency prices, he believes, but making it easier for people to use it

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The Daily: Secret Nasdaq Meeting, SALT Takeover Offer, Vitalik Wants More Cards

The Daily: Secret Nasdaq Meeting, SALT Takeover Offer, Vitalik Wants More Cards

In today’s edition of Bitcoin in Brief we cover a secret meeting at Nasdaq, a takeover bid for crypto-as-collateral loan platform SALT, Vitalik Buterin’s thoughts on the importance of enabling small retail transactions, and why Chinese investors come to Israel to find blockchain startups.

Also Read: Largest Cannabis Market in Israel to Accept Bitcoin Payments

Exchanges Meet With Nasdaq in Secret

The Daily: Secret Nasdaq Meeting, SALT Takeover Offer, Vitalik Wants More CardsAbout six companies, including both Bitcoin exchanges and legacy venues, have taken part in a “closed-door meeting” with Nasdaq last week in Chicago. The apparent purpose of the meeting was the stock market giant’s intention to help legitimize cryptocurrency investments in the eyes of US regulators and big banks by reducing users’ anonymity and privacy. The main topic, according to “a person familiar with the event” cited by Bloomberg, was to “encourage the industry to do things that will improve its image and validate its potential role in global markets.” They talked about the implications of new regulation for cryptocurrencies, what are the needed tools for that and “what surveillance will be needed.” And there will be the more such meetings as part of “an ongoing dialogue among the participants,” the source added.

Nasdaq has reportedly confirmed the meeting took place but did not disclosed who took part in it. The company is officially supplying technology to five crypto exchanges, two of which are known to be SBI Virtual Currencies and Gemini, which hired Nasdaq to conduct surveillance on its trading. It also helps price Cboe Global Markets Inc.’s Bitcoin futures.

SALT Takeover Offer

The Daily: Secret Nasdaq Meeting, SALT Takeover Offer, Vitalik Wants More CardsSecured Automated Lending Technology (SALT), a membership-based crypto-as-collateral loan platform which in February suspended registrations, requests, and purchases, has recently seen its CEO leaving unexpectedly. This has sparked speculations and rumors about the viability of the platform, and even triggered accusations of the former CEO pulling an exit scam. Competitors have been quick to pounce on the matter, issuing statements meant to convince investors to switch over. The most interesting move came from Nexo, who graciously offered to take over certain assets of SALT in an unsolicited acquisition bid.

“Nexo is concerned with the latest developments at SALT due to their potentially detrimental influence on the sentiment of investors and borrowers in the crypto‐backed lending industry, as well as the blockchain community in general,” Nexo wrote in a letter of intent to SALT Lending. “In order to mitigate the consequences, Nexo, its partners and affiliates could readily acquire remaining qualifying assets of SALT and provide liquidity to its community.”

Vitalik Wants More Bitcoin Cards

The Daily: Secret Nasdaq Meeting, SALT Takeover Offer, Vitalik Wants More CardsThe issue of using cryptocurrencies for real-world payments rather than just new Wall Street investment options has been diving the community for a long while now. The latest to comment on the subject is Ethereum founder Vitalik Buterin, who seems to side with the pro-payments camp in the argument. The influential influencer twitted on Sunday: “I think there’s too much emphasis on BTC/ETH/whatever ETFs, and not enough emphasis on making it easier for people to buy $5 to $100 in cryptocurrency via cards at corner stores. The former is better for pumping price, but the latter is much better for actual adoption.”

Chinese to Invest in Israeli Crypto Startups

The Daily: Secret Nasdaq Meeting, SALT Takeover Offer, Vitalik Wants More CardsBlock72, which operates out of Shangahi, Beijing, Seoul and New York, has partnered with the Asia Israel Blockchain Association (AIBA). The partnership aims to incubate Israeli projects and help Chinese companies with their deal sourcing, expansion and global presence. Its stated goal for 2018 is to support at least five Israeli projects to tap into the Chinese market and to bring several Chinese companies and investors to Israel. A delegation to Israel will take place on the first week of August.

Yaxi Zhuo, Founder and CEO of Block72, commented: “Israel is a powerhouse for new technology, it has been a long time that our portfolio projects asked us to tap into the opportunities in Israel, one of the most vibrant Blockchain markets in the world. We waited for the right time and the right partner to make the move. We already have offices in China, US, and Korea, and now I’m very pleased to have AIBA as our local partner, supporting us to further bridge Asia and Israel.”

For a start, the partnership is focusing on Coin XP, a blockchain infrastructure for crypto exchanges; Nuts, a crypto asset market protocol for hosting crypto assets; Teex, a private smart contract on public blockchain; and Vpon, a big data ad technology company.

What do you think about today’s news tidbits? Share your thoughts in the comments section below.


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Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

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The quantum meltdown of encryption

The world stands at the cusp of one of the greatest breakthroughs in information technology. Huge leaps forward in all fields of computer science, from data analysis to machine learning, will result from this breakthrough. But like all of man’s technological achievements, from the combustion engine to nuclear power, harnessing quantum comes with potential dangers as well. Quantum computers have created a slew of unforeseen vulnerabilities in the very infrastructure that keeps the digital sphere safe.

The underlying assumption behind nearly all encryption ciphers used today is that their complexity precludes any attempt by hackers to break them, as it would take years for even our most advanced conventional computers to do so. But quantum computing will change all of that.

Quantum computers promise to bring computational power leaps and bounds ahead of our most advanced machines. Recently, scientists at Google began testing their cutting edge 72 qubit quantum computer. The researchers expect to demonstrate with this machine quantum supremacy, or the ability to perform a calculation impossible with traditional computers.

Chink in the Armor

Today’s standard encryption techniques are based on what’s called Public Key Infrastructure or PKI, a set of protocols brought to the world of information technology in the 1970’s. PKI works by generating a complex cipher through random numbers that only the intended recipient of a given message, the one in possession of the private key, can decode.

As a system of encoding data, PKI was sound and reliable. But in order to implement it as a method to be used in the real world, there was still one question that needed to be answered: how could individuals confirm the identity of a party reaching out and making a request to communicate? This vulnerability left the door open for cybercriminals to impersonate legitimate servers, or worse, insert themselves into a conversation between users and intercept communications between them, in what’s known as a Man-in-the-Middle (MITM) attack.

The industry produced a solution to this authentication problem in the form of digital certificates, electronic documents the contents of which can prove senders are actually who they claim to be. The submission of certificates at the initiation of a session allows the parties to know who it is they are about to communicate with. Today, trusted third party companies called Certificate Authorities, or CAs, create and provide these documents that are relied upon by everyone from private users to the biggest names in tech.

The problem is that certificates themselves rely on public-key cryptographic functions for their reliability, which, in the not too distant future, will be vulnerable to attack by quantum machines. Altered certificates could then be used by cyber criminals to fake their identities, completely undermining certificates as a method of authentication.

Intel’s 17-qubit superconducting test chip for quantum computing has unique features for improved connectivity and better electrical and thermo-mechanical performance. (Credit: Intel Corporation)

 

Decentralizing the Threat

This isn’t the first time we’ve had to get creative when it comes to encryption.

When Bitcoin creator Satoshi Nakamoto, whose true identity is still unknown, revealed his revolutionary idea in a 2008 white paper, he also introduced the beginnings of a unique peer-to-peer authentication system that today we call blockchain. The brilliantly innovative blockchain system at its core is an open ledger that records transactions between two parties in a permanent way without needing third-party authentication. Blockchain provided the global record-keeping network that has kept Nakamoto’s digital currency safe from fraudsters. Blockchain is based on the concept of decentralization, spreading the authentication process across a large body of users. No single piece of data can be altered without the alteration of all other blocks, which would require the collusion of the majority of the entire network.

For years, blockchain and Bitcoin remained one and the same. About five years ago, innovators in the industry began to realize that blockchain could be used for more than just securing cryptocurrency. Altering the original system designed for Bitcoin could produce programs to be applied in a wide range of industries, from healthcare, to insurance, to political elections. Gradually, new decentralized systems began to emerge such as those of Ripple and Litecoin. In 2015, one of the original contributors to the Bitcoin codebase Vitalik Buterin released his Ethereum project also based on blockchain. What these new platforms added to the picture was the ability to record new types of data in addition to currency exchanges, such as loans and contractual agreements.

The advantages of the blockchain concept quickly became apparent. By 2017, nearly fifteen percent of all financial institutions in the world were using blockchain to secure aspects of their operations. The number of industries incorporating decentralized systems continues to grow.

Digital security key concept background with binary data code

Saving PKI

The best solution for protecting encryption from our ever-growing processing power is integrating decentralization into Public Key Infrastructure.

What this means essentially, is that instead of keeping digital certificates in one centralized location, which makes them vulnerable to being hacked and tampered with, they would be spread out in a world-wide ledger, one fundamentally impervious to alteration. A hacker attempting to modify certificates would be unable to pull off such a fraud, as it would mean changing data stored on enumerable diversified blocks spread out across the cyber sphere.

Decentralization has already been proven as a highly effective way of protecting recorded data from tampering. Similarly, using a blockchain-type system to replace the single entity Certificate Authority, can keep our digital certificates much safer. It is in fact one of the only foreseeable solutions to keep the quantum revolution from undermining the foundation of PKI.

 

Interview: Esports Project Gods Unchained Launches on Ethereum with Coinbase Backing

Gods Unchained, the first competitive e-sports project on Ethereum, has launched with backing from the world’s largest cryptocurrency exchange and wallet platform Coinbase. In an interview with CCN, Gods Unchained co-founder and COO Robbie Ferguson, spoke about the game, the decision to launch the game on the Ethereum main chain, and the process of launching

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2018 Fortune 40 Under 40: Vitalik Buterin, Brian Armstrong, and More Listed!

Vitalik Buterin makes Fortune 40 under 40

We know their names, but that’s not always enough. To appreciate the young in the world of business, Fortune, a multinational magazine, publishes its ’40 under 40′ list every year. Yesterday, the 2018 Fortune 40 under 40 list was released—and four crypto players made it. Vitalik Buterin makes Fortune 40 under 40, plus more!

Crypto Makes it on the 2018 Fortune 40 Under 40

When Fortune’s under 40 rankings first started, it was to show off the giants of the dot-com boom. But things are different now, with changes being sparked by the 2008 financial crisis. ...

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Coinbase CEO Tops Rihanna in Fortune’s 40 Under 40 List

The cryptocurrency industry is now having a huge impact on contemporary culture, gaining recognition not only as a part of the financial industry but as a considerable cultural and economic force in its own right. If the latest 40 Under 40 list by Fortune Magazine is anything to go by, a 24-year-old Russian-Canadian programmer from … Continued

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This Week in Bitcoin: New Exchanges, Bancor Breach, Binance CEO vs Vitalik

This Week in Bitcoin: New Exchanges, Bancor Breach, Binance CEO vs Vitalik

In this week’s daily editions of Bitcoin in Brief we reported about a couple of new exchanges, a major security breach at Bancor, and why the Binance CEO came out against Ethereum founder Vitalik Buterin. This week’s most commented-on article covered the Nobel laureate economist Joseph Stiglitz, who predicted that cryptocurrencies will be “regulated into oblivion.”

Also Read: Robinhood Crypto App Adds Bitcoin Cash and Litecoin Trading

New US Exchange

On Monday we reported that the American crypto trading market got a little more competitive with a new exchange opening. HBUS, a strategic partner of Huobi, has begun accepting new user registrations by U.S. residents, supporting BTC, BCH, ETH, ETC, LTC, USDT, CVC, DASH and TUSD. Additionally covered, ASIC producer Bitmain has raised up to $400 million in its latest fundraising round valuing the company at $12 billion, and Binance donated $1 million to flood victims in Japan.

Bancor Breach

This Week in Bitcoin: New Exchanges, Bancor Breach, Binance CEO vs VitalikThe big story on Tuesday was that Bancor reported it had experienced a “security breach”. A wallet used to upgrade some smart contracts has been compromised and used to withdraw 29,984 ETH, worth approximately $12.5 million. “The same wallet also stole: 229,356,645 NPXS (~$1M) [and] 3,200,000 BNT (~$10M).” Bancor added that “once the theft was identified, we were able to freeze the stolen BNT”. The countermeasures raised questions about the decentralized status of Bancor which doesn’t square with the freezing of tokens and shutting down the network. We also reported that Irish entrepreneurs are setting up a new decentralized crypto exchange in Europe.

Google Founder Is a Crypto Miner

On Wednesday we reported that Sergey Brin, president of Google parent company Alphabet, revealed that he is a crypto miner. “A year or two ago my son insisted that we needed to get a gaming PC,” Brin said. “I told him If we get a gaming PC we have to mine cryptocurrency. So we got an ethereum miner on there and we’ve been making a few pennies and dollars since.” He added: “That definitely got me interested and I started to study the technology behind it and found it to be fascinating.” Additional stories included why Elon Musk is impressed by crypto scambots on Twitter, a response from Fcoin regarding fake volume allegations, and a $100 million venture capital fund for blockchain startups in Israel.

CZ vs Vitalik

This Week in Bitcoin: New Exchanges, Bancor Breach, Binance CEO vs VitalikThe main focus on Thursday was that Binance CEO Changpeng Zhao (CZ) has decided to publicly defend his industry from a verbal attack by Vitalik Buterin. The Ethereum founder expressed a deep hatred for the particular business model at the heart of the current crypto trading ecosystem, saying: “I definitely hope centralized exchanges go burn in hell as much as possible”. In his response, CZ’s core argument was that without centralized exchanges the field will develop ten times slower and will be ten times smaller. He additionally attacked the claim that decentralization is always better. Additionally covered were developments regarding two upcoming crypto phones.

Taiwanese Stablecoin

Amid the flood of new alternatives taking on Tether, on Friday we reported that another stablecoin has been introduced, this time by a company that operates one of the major payment processors in Taiwan. Green World Fintech Services says the crypto, pegged to the New Taiwan Dollar (NTD), is called Taiwan Digital Token (TWDT). Green World claims to have patented a dollar-to-token process that is supposed to protect the TWDT from fraud and money laundering risks. The project will be realized in cooperation with some established Taiwanese banks. The crypto accounts of TWDT users will be tied to “trusted bank accounts” in order to verify personal data before transactions are permitted. We also reported about a solution for handling your crypto portfolio for when you die.

Russians Used Bitcoin to Hack US Elections

This Week in Bitcoin: New Exchanges, Bancor Breach, Binance CEO vs Vitalik
Rod Rosenstein

On Saturday we reported on one of the biggest political stories in the world. According to a federal indictment announced by Deputy Attorney General Rod Rosenstein, Russian agents used bitcoin in their campaign to influence the outcome of the 2016 US elections. Authorities in Washington claim that hackers working for the Russian foreign military intelligence paid in crypto for servers in the US and Malaysia, website domains, and virtual private networks (VPNs) used to release information stolen from the Democratic camp and to obscure their identities and cover their tracks. They also laundered more than $95,000 through bitcoin. We also reported that a leading website for betting on horse racing has begun accepting bitcoin (BTC) and bitcoin cash (BCH) deposits.

“Regulated Into Oblivion”

The most commented-on article during the week covered Joseph Stiglitz, the former chief economist of the World Bank and Nobel laureate, who predicted that cryptocurrencies will be “regulated into oblivion” in the future. “You cannot have a means of payment that is based on secrecy when you’re trying to create a transparent banking system. If you open up a hole like bitcoin then all the nefarious activity will go through that hole, and no government can allow that.” Stiglitz added: “Bitcoin could easily be worth just $100 in 10 years. People in power will move to regulate anonymous transactions. That you can be sure of.”

This Week in Bitcoin Podcast

Catch the rest of this week’s news in the This Week in Bitcoin podcast with host Matt Aaron.

What other stories in the Bitcoin world caught your attention this week? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


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Bitcoin in Brief Thursday: Crypto Phones, Spy Games, Binance CEO vs Vitalik

Bitcoin in Brief Thursday: Crypto Phones, Spy Games, Binance CEO vs Vitalik

In today’s edition of Bitcoin in Brief we cover the development of two upcoming crypto phones, the involvement of cryptocurrency in cyber spy games, and why the Binance CEO came out against Etherum-founder Vitalik Buterin. We also cover the latest case of cryptojacking, this time inside a popular video game client.

Also Read: Malta-Based Company Launches New Euro Backed Stablecoin, EURS

Crypto Phones

New details about two upcoming blockchain phones have come out in recent days. HTC, the Taiwanese company which is developing Exodus, has announced it is partnering with Cryptokitties to incorporate the game in its mobile devices. “This is a significant first step in creating a platform and distribution channel for creatives who make unique digital goods,” the company stated. “Mobile is the most prevalent device in the history of humankind and for digital assets and dapps to reach their potential, mobile will need to be the main point of distribution. The partnership with Cryptokitties is the beginning of a non fungible, collectible marketplace and crypto gaming app store.”

Sirin Labs, which is designing the Finny in Israel, has revealed that the final design of the device contains a “Safe Screen”. The standalone screen that functions on dedicated firmware is meant to independently verify that wallet transactions are being sent to the correct addresses, allowing users to verify they’re not being tricked by malware or hackers. Zvika Landau, Co-CEO, said: “We’ve been working around-the-clock to provide our users with a multi-layer cyber protection suite to guard them against network attacks, host attacks, and malware fishing. The secured layers, combined with our revolutionary “Safe Screen” and the ultra-sleek design, enable us to offer our users comprehensive levels of cyber protection. This truly remarkable combination of protection, software, and the design of the phone, cohesively transforms the mobile environment into one that is secure enough for cryptocurrency transactions.”

Spy Games

Bitcoin in Brief Thursday: Crypto Phones, Spy Games, Binance CEO vs VitalikAnd in other news from Israel, authorities have revealed the arrest of a 38-year-old man who tried to sell stolen software code for $50 million in cryptocurrency on the dark web. The man was an employee of the cyber espionage firm NSO Group and allegedly decided to steal the highly sensitive material after he was called for a hearing, which is a preliminary step before getting fired. The company, which officially provides “authorized governments with technology that helps them combat terror and crime,” is mostly known for developing the Pegasus iPhone spyware which was called the “most sophisticated” smartphone hack ever when it was publicly discovered. State Attorney’s Office stated that “the accused committed these crimes out of greed, despite knowing, even if he shut his eyes from seeing it, that his crimes might damage state security and lead to the collapse of a firm employing 500 workers.”

CZ Defends Centralized Exchanges After Vitalik Slam

A few days ago we reported that Vitalik Buterin has expressed a deep hatred for the particular business model at the heart of the current crypto trading ecosystem. “I definitely hope centralized exchanges go burn in hell as much as possible,” he said. A particular issue the Ethereum founder raised was how the centralized platforms can extract up to $15 million from projects that want to list their ICO tokens. Now, Binance CEO Changpeng Zhao (CZ) has responded to publicly defend his industry. CZ core argument is that without centralized exchanges the field will develop ten times slower and will be ten times smaller. He additionally attacks the claim that decentralization is always better.

League of Legends Cryptojacking

Bitcoin in Brief Thursday: Crypto Phones, Spy Games, Binance CEO vs VitalikGarena, an Asian consumer Internet platform which distributes the game League of Legends among others, has acknowledged that its client in the Philippines has been infected with the Coinhive crypto miner after gamers exposed the matter on Reddit. The company stated that: “there was an unauthorized modification of the League of Legends PH client lobby where a certain javascript code was inserted. This code performs blockchain mining on affected computers, which consumes CPU resources from these computers. Apart from increased CPU usage, extensive analysis from our security engineers has determined that there is no other impact on affected computers. Our security engineers have removed this javascript code and ensure that all users, including those who were previously affected, will no longer encounter this issue. We treat security matters with utmost priority and sincerely apologize for this incident, and for the inconvenience you have experienced.”

What do you think about today’s news tidbits? Share your thoughts in the comments section below. 


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

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Ethereum Entering ‘Phase 2’ Following Launch of Most Complex DApp: Co-Creator

At the RISE conference held in Hong Kong, the largest technology conference in Asia attended by 15,000 attendees, Ethereum co-founder Joseph Lubin said that the Ethereum blockchain has entered phase two of its development, following the launch of the most complicated app on its protocol. Hundreds of Thousands of Transactions Regularly As CCN previously reported,

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Even Elon Musk is Talking About Twitter’s Crypto Scambot Epidemic

Scam bitcoin and ether giveaway bots have started to target the accounts of high profile figures outside of the crypto community, such as SpaceX and Tesla CEO Elon Musk, and US President Donald Trump. Scam Bots Plague Twitter For over a year, scam bots on Twitter have pretended to be the account owners of popular

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Crypto World Cup Semi-Finals: It’s Coming Home…But Where’s Home?

Crypto World Cup semi-finals

The Crypto World Cup Semi-Finals are Here!

It’s hard to believe that the Crypto World Cup semi-finals start tomorrow, July 10th. It feels like just yesterday the group stages were kicking off.

From then to now, the whole tournament has been fun to watch. Mostly because it played out differently than most years.

In the Crypto World Cup semi-finals, there is no Roger Ver, no Vitalik Buterin, and no Cameron Winklevoss. Three crypto players that – and this could be an understatement – did not rise to the occasion, despite the world ...

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The Daily: Bitmain Valued at $12 Billion, New US Crypto Exchange Opens for Business

The Daily: Bitmain Valued at $12 Billion, New US Crypto Exchange Opens for Business

In today’s edition of Bitcoin in Brief we cover how Bitmain’s valuation reached $12 billion, the opening of a new US-based crypto exchange, and Binance’s decision to donate $1 million to flood victims in Japan. Additionally, we explore what parts of the current crypto ecosystem Vitalik Buterin hates.

Also Read: Youtube Dragged Into Bitconnect Class Action Lawsuit for Failure to Protect Victims

Bitmain Valued at $12 Billion

The Daily: Bitmain Valued at $12 Billion, New US Crypto Exchange Opens for BusinessBitmain Technologies Ltd., the Beijing-headquartered bitcoin mining machines (ASIC chips) producer, has raised up to $400 million in its latest fundraising round, valuing the company at $12 billion, Chinese media outlet Caixin has reported. The company’s B round of fundraising was led by the venture capital firm headquartered in Menlo Park, California, Sequoia Capital, along with the New York based tech sector hedge fund Coatue, and EDBI Pte Ltd., the private equity and venture capital arm of Singapore Economic Development Board, according to sources close to the deal. Based on this new valuation, Bitmain might seek a massive initial pubic offering (IPO) on the stock market in Hong Kong in the future.

New US Exchange Opens

The Daily: Bitmain Valued at $12 Billion, New US Crypto Exchange Opens for BusinessThe American crypto trading market is getting a little bit more competitive with a new exchange opening. HBUS, a strategic partner of Huobi, has begun accepting new user registrations by U.S. residents on July 6th. Users are able to deposit BTC, BCH, ETH, ETC, LTC, USDT, CVC, DASH and TUSD. The actual marketplace will go live tomorrow, July 10th, when users will be able to trade and withdraw funds. The launch is not nationwide yet as HBUS does not currently serve residents in Alabama, Connecticut, Georgia, Louisiana, New York, North Carolina, Hawaii, Vermont, and Washington.

“Our strategic partner, Huobi, has grown to be the largest digital asset marketplace globally. As investors‘ acceptance of virtual currency and digital asset increases, we have seen incredibly high demand in the U.S. We are excited to launch as Huobi’s strategic partner, to serve the growing number of people participating in virtual currency trading,” commented Frank Fu, CEO of HBUS.

Huobi has been expanding globally for a while and most recently launched AUD trading in Australia.

Binance Donates $1M

The leading cryptocurrency exchange Binance, which expects to make a net profit of up to $1 billion this year, has announced it donated $1 million to Japanese flood victims. The company stated that “To help out the victims in West Japan that were affected by the heavy rains on 7/7/2018, Binance is donating $1,000,000 USD and calling for our crypto friends and partners to join us in the relief initiative.” According to Japanese agencies in the field, the death toll in the western part of the country reached 112 on Monday and many more people are still missing after floods and landslides destroyed homes, disabled infrastructure and sent around 23,000 people fleeing to evacuation centers.

Similar natural disasters have been on the mind of the Bitcoin community recently with floods in southern China affecting many miners.

Vitalik Hates Centralized Exchanges

The Daily: Bitmain Valued at $12 Billion, New US Crypto Exchange Opens for BusinessVitalik Buterin has recently expressed a deep hatred for the particular business model at the heart of the current crypto trading ecosystem. “I definitely hope centralized exchanges go burn in hell as much as possible,” he said. A particular issue the Ethereum founder raised was how the centralized platforms can extract up to $15 million from projects that want to list their ICO tokens. According to Buterin, crypto-only exchanges are preferable to venues which offer fiat pairs as “the fiat world only has centralized gateways.” And he also seems to not be a big fan of Bitmain and its growing power. “Back in 2013, when GHash had 51 percent everybody freaked out. It’s happening a second time and people aren’t really talking about it this much,” Buterin said at a Techcrunch event.

OTCXN Live Test

OTC Exchange Network, Inc. (OTCXN), an institutional finance infrastructure company, has completed its first live test trades of tokenized USD and tokenized Bitcoin between two separate trading accounts over an electronic trading platform with assets held at a neutral custodian. The platform is designed to remove counterparty and settlement risk with an atomic exchange of assets and facilitates settlement of transactions instantly. “We believe that OTCXN’s platform will transform the marketplace, by enabling assured and transparent execution, becoming a trusted cornerstone driving the maturation of the fiat and crypto markets,” said Barry Thompson, Managing Partner of Volantis Escrow which served as the custodian. “We’ve received dozens of inquiries from trading firms and custodians about our launch date. I’m thrilled that our live test trades were a success and that we’ll soon bring our solution to the market,“ added Rosario M. Ingargiola, founder and CEO of OTCXN. The company plans to launch the public beta on July 9, 2018.

What do you think about today’s news tidbits? Share your thoughts in the comments section below. 


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