South Korea’s parliament has officially recognized crypto trading as legal in the country. The move comes after two years of deliberations into how to develop concrete guidelines for cryptocurrencies. South Korea Legalizes Crypto Trading According to The News Asia, South Korea’s National Assembly passed an amendment to its Reporting and Use of Specific Financial Information Act, legalizing cryptocurrency trading. Local South Korea media outlet Maeil Kyungjae revealed that the motion to amend the bill received […]
Upbit, one of the ‘big four’ South Korean crypto exchanges has reported an irregular 342,000 Ethereum (ETH) withdrawal from its wallet. While details remain sketchy as to the nature of the withdrawal, the platform says it will cover the amount from its corporate funds. Upbit: Irregular Withdrawal or Crypto Exchange Hack? In what seems like a possible hack, Upbit released an official statement on its website revealing an irregular withdrawal of 342,000 ETH (about $51
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Chinese mining giant Bitmain is in the midst of a power struggle. Co-founder Micree Zhan who was ousted last week has returned with a vengeance asserting that he will use a legal team to regain control of the company. Bitmain Battle Rages On Last week’s news that Jihan Wu had taken control of the world’s largest bitcoin mining hardware supplier was music to the ears of Bitcoin Cash holders. Wu is a big proponent of
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All bitcoin and crypto market bullishness is emanating from China at the moment. One industry insider has just revealed that, contrary to earlier reports, China will not be banning bitcoin mining. No Bitcoin Mining Ban in China Within the past hour or so Chinese industry insider and Primitive Crypto founding partner, Dovey Wan, posted an official announcement stating that bitcoin and crypto mining has been removed from a list of industries that Beijing was planning
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The Inter-Ministerial Committee (IMC) set up to look into bitcoin and cryptocurrency regulations in India says the government should ban virtual currencies. India May Soon Finalize Total Bitcoin Ban In a report submitted on Monday (July 22, 2019) the IMC recommended that the government institutes a total bitcoin ban. An excerpt from the report reads: As for private cryptocurrencies, given the risks associated with them and volatility in their prices, the Group has recommended banning
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US-based mobile users can now use bitcoin and cryptocurrency to pay their bill thanks to a new partnership between AT&T and BitPay. AT&T Will Take Your Bitcoin Bitcoin’s path to mass adoption continues forward as major US telecom giant AT&T has announced that customers now have the option to pay their bills in cryptocurrency. The addition of crypto payments makes AT&T the first major U.S. mobile carrier to offer this option and Kevin McDorman, AT&T’s
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A 5,000 BTC dump on Bitstamp likely caused the bitcoin price flash crash that occurred during the early hours (UTC) of Friday (May 17, 2019). Bitcoin plunged to as low as $6,100 on the exchange but has since recovered over $7,000 over the past few hours. Whale Dump, ‘Fat Finger Error,’ or Bot Glitch A trader on the Bitstamp exchange reportedly put up a sell order of 5,000 BTC at an oddly low price of
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Indian tech multinational, Wipro, has developed a blockchain-based solution for banks in Thailand to settle dues. This comes as Indian government and banking authorities look to enact a blanket ban on all non-state-issued cryptocurrencies back home. Thai Banking System Embraces Blockchain Technology The settlement solution is a part of the first phase of Project Inthanon, which launched in August 2018. The initiative, led by Bank of Thailand, aims to ultimately implement a national Central Bank Digital Currency (CBDC). Phase
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In case you’ve been away, there’s been a bit of a hoo-hah regarding Tether over the past week or so. This has now descended into open calls for Binance and other exchanges to delist ‘the original stablecoin’. A Strong And Stable Governance The story so far: Payment processor, Crypto Capital Corp, “seizes and safeguards” $850 million of Bitfinex funds. Bitfinex takes an interest-bearing loan from affiliated stablecoin Tether’s US dollar reserves, to plug the gap. Bitfinex
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Following the New York Attorney General’s accusations of a $850M cover-up by Bitfinex, the company has issued its response. Binfinex refutes the claims as ‘riddled with false assertions’ and that the funds are not lost. The Cover-Up Claims According to the NY Attorney General’s claim, Bitfinex lost $850 million of customer money. This had been sent to, and seized by payment processing firm, Crypto Capital Corp. The allegation goes on to say that Bitfinex used
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Binance has officially announced that it will delist Bitcoin SV from its list of supported tokens. The cryptocurrency exchange has given traders a one-week grace period to adjust to its decision. Binance Officially Delists BSV In a statement published on its website on Monday (April 15, 2019), Binance announced its decision to delist Bitcoin SV (Satoshi’s Vision). An excerpt from the statement reads: At Binance, we periodically review each digital asset we list to ensure
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Figures from across cryptocurrency were lobbying for donations to WikiLeaks founder Julian Assange April 11 as UK police arrested him after Ecuador rescinded his asylum. Ecuador President: Assange ‘Violated’ Terms Assange, who had been resident at the Ecuadorian embassy in London for seven years, suddenly found himself in police custody Thursday morning after the country’s president reversed his claim. The reason, Lenin Moreno claimed, was Assange’s alleged violations of the terms of his shelter, which
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Bithumb temporarily suspended deposit and withdrawal services on its platform. The South Korean cryptocurrency exchange appears to be the latest victim of another hack with $15 million worth of EOS allegedly stolen by cybercriminals. Bithumb Admits Suspicious Activity In a notice published on the company’s website on Saturday (March 30, 2019), Bithumb apologized to its users for inconveniences suffered on account of its decision to temporarily suspend deposit and withdrawals services on the platform. According
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In a major milestone for bitcoin adoption, the ‘Amazon’ of Switzerland Digitec-Galaxus is now accepting bitcoin and other select cryptocurrencies as a means of payment. ‘We Wanted to Do This for a Long Time’ Swiss customers of Digitec and Galaxus can now pay with bitcoin when shopping online. In addition to BTC, other altcoins that will be accepted include Bitcoin Cash (BCH), Bitcoin SV (BSV), Ethereum (ETH), Ripple (XRP), Binance Coin (BNB), Litecoin (LTC), TRON (TRX),
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The perpetrator of the mass killings at New Zealand mosque appears to have funded his life with investments he made in defunct cryptocurrency BitConnect. Tarrant Used BitConnect Funds For ‘Travel’ As various media publications report citing a document which claims to be a manifesto by Brenton Tarrant, cryptocurrency investments allowed him to travel at an unspecified point in the past. [Editor’s note: It should be noted that no official confirmation of the document’s legitimacy has
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The perpetrator of the mass killings at New Zealand mosque appears to have funded his life with investments he made in defunct cryptocurrency BitConnect. Tarrant Used BitConnect Funds For ‘Travel’ As various media publications report citing a document which claims to be a manifesto by Brenton Tarrant, cryptocurrency investments allowed him to travel at an unspecified point in the past. [Editor’s note: It should be noted that no official confirmation of the document’s legitimacy has
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Fidelity Digital, the digital assets arm of Fidelity Investments, has become the first financial institution to receive the so-called bitcoin payments ‘torch’ that is being relayed from user to user around the globe via Bitcoin’s Lightning network. Fidelity Becomes First Bank to Take the #LNTorch With more than 27 million customers, Fidelity manages $7.2 trillion dollars in total assets. It’s the United States leader in 401(k) retirement savings plans and is one of the largest 403(b) retirement
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International investment bank and notorious Bitcoin skeptic JPMorgan Chase will be the first US bank to issue its own cryptocurrency. JPMorgan: ‘Endless’ Use Cases For Cryptocurrency In a surprising move, Umar Farooq, head of JPMorgan’s blockchain operations, told CNBC trials of JPM Coin would start in the coming months and that three use cases had already emerged. “The applications are frankly quite endless; anything where you have a distributed ledger which involves corporations or institutions
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Twitter CEO Jack Dorsey has all but confirmed that Bitcoin’s Lightning Network will feature in the payment wallet and app built by his other company, Square. Focus On Speed And Efficiency Speaking on the Stephan Livera podcast February 11, Dorsey, joined Lightning Labs CEO Elizabeth Stark in discussing Lightning’s ideals and his personal belief in the protocol. Asked whether this would lead to integration with Square’s Cash app, the answer that came was surprisingly candid. “We
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Iran has lifted the ban on Bitcoin and cryptocurrency as it takes another step towards its own sovereign cryptocurrency amid talks with foreign nations as potential partners. Iran Unbans Bitcoin, ICOs Today, Iran’s central bank has released an early draft of its cryptocurrency laws, lifting the previous ban on Bitcoin, cryptocurrencies, digital tokens, and ICOs, reports to Al Jazeera. Nevertheless, the regulations will impose restrictions on the use of virtual currencies inside the country. Thus,
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