Tag: cryptocurrency

technology articles

A Member of the ‘Squad’ Takes on Cryptocurrency

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Last year, when Facebook officials were hauled in front of Congress to defend their plans for a cryptocurrency called Libra, they arrived with a pitch about financial inclusion. With Libra, people anywhere in the world would have access to a common payment network, they said, whether or not they had access to a bank. All it would take was a phone and a Facebook account.

Representative Rashida Tlaib, (D–Michigan) a member of the “squad” of progressive first-term lawmakers, had heard similar pitches before. Her Detroit district, the third-poorest in the country, is populated with the very unbanked people Facebook executives were describing. In the past, they had been promised faster tax returns, paycheck advances, or check cashing without a checking account. But these offerings came with little regulation, and often with excessive fees or interest rates. Now, here was Libra, a cryptocurrency that also seemed poised to fall through the

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technology

Libra cryptocurrency linked to Facebook changes name to Diem amid backlash

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Dec. 1 (UPI) — The Libra cryptocurrency project Facebook launched in 2019 changed its name Tuesday to get a fresh start.

The association for the cryptocurrency project headquartered in Geneva, Switzerland, announced in a press release it was changing its name from Libra Association to Diem Association. The group will now be known as Diem Network, and the digital currency will be called the Diem Dollar, Bloomberg reported.

Diem, which means “day” in Latin, signals a “new day for the project,” the release said.

The name change is also about “reinforcing its organizational independence as it progresses toward regulatory approval for launch” of its first digital coin, according to the release.

“We like the connotation of it kind of being a new day for the project,” Diem Association CEO Stuart Levey told Bloomberg. “We wanted a new start.”

“The Diem project will provide a simple platform for fintech innovation to

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Guggenheim says it could invest up to $530 million in a bitcoin trust as the cryptocurrency flirts with new record highs | Currency News | Financial and Business News

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REUTERS/Stephen Lam


  • Guggenheim Partners revealed in a Friday regulatory filing that its Macro Opportunities Fund holds the right to invest up to 10% of its net asset value in Grayscale Bitcoin Trust.
  • The trust solely invests in bitcoin, and a 10% bet from Guggenheim’s fund equates to roughly $530 million.
  • The filing comes as bitcoin climbs back above $19,000 after tumbling through the Thanksgiving holiday. Though the token has more than doubled through the year, it still trades below its 2017 record of $19,783.06.
  • Watch bitcoin trade live here.

Guggenheim Partners is the latest Wall Street firm to show interest in bitcoin, and a Friday regulatory filing signals the firm could make a massive investment in the soaring cryptocurrency.

Guggenheim revealed its Macro Opportunities Fund holds the right to invest up to 10% of its net asset value in Grayscale Bitcoin Trust, according to a Securities and Exchange Commission

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technology articles

Bitcoin Latinum Launches To be World’s Largest Insured Cryptocurrency with Backing From Titans of Industry

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PALO ALTO, Calif.–(BUSINESS WIRE)–November 24, 2020–

Bitcoin Latinum, the next-generation Bitcoin fork capable of massive transaction volume, digital asset management, cyber security, and capacity is announcing its official pre-sale launch. Bitcoin Latinum will trade under the symbol LTNM with a total supply of 888,888,888 LTNM [verifiable by LTNM].

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201124005585/en/

Bitcoin Latinum (Photo: Business Wire)

Bitcoin Latinum (Photo: Business Wire)

Bitcoin Latinum is now available for pre-sale on bitcoinlatinum.com and will be available on exchanges in 2021.

Bitcoin Latinum is an enhanced Bitcoin fork. The Bitcoin Latinum algorithm and infrastructure break barriers and speed limits that have prevented some virtual currencies from achieving practical, real-time use. Bitcoin Latinum taps into the new wave of crypto DeFi – decentralized finance – for its role in independent digital transactions. According to Nasdaq, the total DeFi related cryptocurrency market recently passed $14 billion, up from $1 billion in February

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science

Cryptocurrency Prices Make Headlines, But Crypto Accounting Is Key To Further Growth

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Cryptocurrency prices and market share continue to increase, but the accounting and reporting remain inconsistent and a headwind to wider adoption.

Even as the blockchain and cryptoasset sectors continue to increase, both in terms of retail awareness and institutional support, guidance related to reporting and valuation remains ambiguous. While conversations around the accounting and reporting for various cryptoassets might not make the headlines that price volatility does, it is critically important for the further maturation of crypto.

Accounting and valuation rules, for lack of a better phrase, set the ground rules for how individuals and institutions should value, handle, and report these different cryptoassets. Without consistent and market-oriented rules, continued development of this sector will face substantial headwinds.

Rules and reporting frameworks, again, might not drive headlines, but taking a bigger picture perspective illustrates just how important these concepts are. The substantial price increases that have occurred in 2020

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technology articles

GoDaddy staff fall prey to social engineering scam in cryptocurrency exchange attack wave

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GoDaddy employees were exploited to facilitate attacks on multiple cryptocurrency exchanges through social engineering and phishing. 

Staff at the domain name registrar were subject to a social engineering scam that duped them into changing email and registration records, used to conduct attacks on other organizations. 

As reported by security expert Brian Krebs last week, GoDaddy confirmed that the scam led to a “small number” of customer domain names being ‘modified” earlier this month.

Starting in mid-November, fraudsters ensured that email and web traffic intended for cryptocurrency exchanges was redirected. Liquid.com and the NiceHash cryptocurrency trading posts were impacted, and it is suspected that other exchanges may also have been affected. 

See also: Cryptocurrency platform dangles ‘bug bounty’ carrot to hacker who stole $2 million

According to Liquid CEO Mike Kayamori, a security incident on November 13 was caused by GoDaddy incorrectly transferring control of an account related to the firm’s

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technology

Hit by cryptocurrency curbs, Chinese fund managers look elsewhere to ride bitcoin bull

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By Samuel Shen and Alun John



a close up of a bottle: A representation of virtual currency Bitcoin

© Reuters/DADO RUVIC
A representation of virtual currency Bitcoin

SHANGHAI/HONG KONG (Reuters) – As the price of bitcoin soars, Chinese cryptocurrency asset managers are looking to expand in places such as Hong Kong and Singapore, skirting an intensified crackdown at home.

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Cryptocurrency-focused hedge funds have grown assets under management and registered hefty gains this year thanks to bitcoin’s recent surge to over $18,000, close to its 2017 high.

At the same time, Beijing has been tightening already strict scrutiny over cryptocurrencies as the People’s Bank of China (PBOC) prepares to launch its own digital currency, partly a response to the threat from currencies like bitcoin, officials say.

Beijing banned virtual currency trading in 2017, stopping a free-wheeling emerging crypto industry, and causing China’s share of global bitcoin trading to slump to less than 4%, from nearly 17% in 2017, according to CoinShare,

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technology articles

Attackers Dupe GoDaddy Staff Into Helping Them Take Down Cryptocurrency Services

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Roughly one year after a data breach at GoDaddy compromised 28,000 customer accounts, the world’s largest internet domain registrar is once again at the center of a security scandal. Hackers brought down several cryptocurrency services using GoDaddy domains in recent weeks, and apparently the company’s own staff unwittingly helped in these attacks.



a close up of a computer keyboard

© Photo: Issouf Sanogo (Getty Images)


Hackers purportedly duped GoDaddy employees into handing over the reins to several cryptocurrency services’ web domains, and then used those permissions to make unauthorized changes and bring down the sites, per a report from the cyber-centric blog Krebs On Security on Saturday. While it remains unclear how many companies fell for this scam, the cryptocurrency trading platform Liquid and mining service NiceHash uncovered attacks within days of each other.

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“On the 13th of November 2020, a domain hosting provider ‘GoDaddy’ that manages one of our core domain names incorrectly

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technology

Attackers Dupe GoDaddy Into Abetting Cryptocurrency Site Takedowns

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Illustration for article titled Attackers Dupe GoDaddy Staff Into Helping Them Take Down Cryptocurrency Services

Photo: Issouf Sanogo (Getty Images)

Roughly one year after a data breach at GoDaddy compromised 28,000 customer accounts, the world’s largest internet domain registrar is once again at the center of a security scandal. Hackers brought down several cryptocurrency services using GoDaddy domains in recent weeks, and apparently the company’s own staff unwittingly helped in these attacks.

Hackers purportedly duped GoDaddy employees into handing over the reins to several cryptocurrency services’ web domains, and then used those permissions to make unauthorized changes and bring down the sites, per a report from the cyber-centric blog Krebs On Security on Saturday. While it remains unclear how many companies fell for this scam, the cryptocurrency trading platform Liquid and mining service NiceHash uncovered attacks within days of each other.

“On the 13th of November 2020, a domain hosting provider ‘GoDaddy’ that manages one of our core domain names

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technology articles

The SEC Swats Cryptocurrency Flies While The Chinese Government Takes The Farm.

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Cryptocurrencies offer innovative payment and security solutions for commerce,  supply chains, and manufacturing. They seek to make global payments faster, safer, more efficient, and more transparent. For years, Washington has neglected or misunderstood this most promising U.S. innovation, leaving American start-ups lost in a maze of regulatory uncertainty. Now that blockchain and cryptocurrency solutions have entered the real economy, revolutionizing how we handle money and payments, regulatory confusion has set fire to the cryptocurrency community ablaze. Meanwhile the Chinese are poised to capitalize on US policy mistakes yet again.  

The leading American innovators in blockchain solutions are on the verge of leaving the United States in frustration. Why? Because Washington has failed to develop a clear regulatory framework that would keep them in the US and ensure American leadership. This is the declaration of

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