Binance Rejects Charges of Embezzlement, Shares Its Side of Story

Binance reacted to recent allegations that it had embezzled hundreds of thousands of US dollars in cryptocurrency from a user, referring to recent reports covering the situation as false information. Binance Complied with Korean Law Enforcement’s Request On Wednesday, Bitcoinist reported that Binance was accused of embezzling almost $860,000 in crypto funds from a user based in Ukraine. On Thursday, Binance presented its side of the story. The crypto exchange admitted that the user’s account […]

Riot Crypto Mining Firm to Cough Up $728K For Disgruntled Investor

It looks as if Riot Blockchain Inc. will be found in breach of the contract it has with investor Barry C. Honig. According to an April 3 civil action in federal court in New York, the crypto mining company owes him at least $728K for attorney bills so far. Riot Crypto Firm in Breach of Contract During the action, Honig claimed that he was promised indemnification by Riot Blockchain. According to the agreements entered into […]

BitMEX Donates $400,000 to Cyber Security Organisation

BitMEX parent company HDR Global Trading Limited has become a partner of nonprofit Shadowserver Foundation. HDR will sponsor the nonprofit by offering $400,000 over the next four years. BitMEX Operator Becomes Member of Shadowserver Industry Alliance Shadowserver Foundation is an organization that collects and analyzes data on malicious activity on the Internet. HDR has become a member of the nonprofit’s industry alliance aimed at improving the Internet security. Shadowserver was established in 2004 and has […]

Wells Fargo Advisors Named in Crypto Fraud Case

Three cryptocurrency traders allegedly scammed over 100 investors through a Ponzi scheme that generated over $35 million, according to victims who formed an entity to represent them. Interestingly, the trio worked for reputable banks and institutional firms, including Wells Fargo Advisors and NYSE. Former Wall Street Executives Operated Alleged Crypto Scam Q3 Investment Recovery Vehicle, which represents the defrauded investors, initiated the federal securities fraud action in Florida last month. It accuses three individuals of […]

Wells Fargo at it Again, Faces Suit Over 401(k) Plan Violations

US bank Wells Fargo, which previously banned its clients from buying Bitcoin and other digital currencies due to “high volatility and risks,” is being sued by a former employee who charges it with mismanaging its 401k plan. Wells Fargo Accused of Violating ERISA Rules Participants of a retirement savings plan offered by Wells Fargo sued the banking giant and fiduciaries, claiming that the executives violated the Employee Retirement Income Security Act of 1974 (ERISA) by […]

Coinbase Card Now Compatible With Google Pay

Starting from today, Android users can link their Coinbase card to their Google Pay wallets. This might be a good example that the crisis pushed the crypto market towards utility.  Coinbase and Google, Two Tech Giants Join As the crypto market is losing its attractiveness as a refuge for investors amid market turmoil, it is gaining on the utility side. On Tuesday, Coinbase Card, a Visa-based debit card that can be funded with crypto, is […]

Huge UK Group Plans to Enter Crypto Insurance Space

A syndicate within the 334 year old insurance market, Lloyd’s of London (Lloyd’s), is preparing to make a foray into the crypto space by offering a cryptocurrency insurance service. Lloyd’s to Allows Crypto Holders Protect Against Theft from Hacking Attacks While most of the financial institutions operating in the UK are concerned about the tensions with the European Union as the trade talks start today, Lloyd’s is carrying on with its plans to become a […]

Bitfinex, Tether CTO to Speak Publicly For First Time Ever

Paolo Ardoino, CTO of Bitfinex & Tether, is scheduled to speak at CryptoCompare’s Digital Asset Summit next month. This is the first time a Bitfinex/Tether exec has spoken publicly at an event.  The story of Tether will finally come out of the shadows Tether is the original and most successful “stablecoin”, and it was the first tokenized USD used by crypto traders. Tether was invented to help crypto exchanges make cryptocurrency transactions to represent dollars […]

Samsung Increases Crypto Info Security on its Smartphones

Korean electronics giant Samsung says it is improving the security infrastructure of its smartphones for enhanced protection of user’s crypto information. Samsung Eyes Tamper-resistant Crypto Information Storage In a press release issued on Tuesday (February 25, 2020), Samsung announced the introduction of a new Secure Element (SE) designed to better protect data stored on its smartphones. Samsung’s new SE is a Common Criteria Evaluation Assurance (CC EAL) turnkey security solution for mobile phones. According to […]

New Crypto Exchange Coming Soon From Amsterdam

Retail brokerage firm BUX announced that it would gradually launch its crypto trading platform soon. The Dutch company will start accepting the first clients in the first week of March. BUX Rebrands Crypto Platform Blockport While there are many specialized crypto exchanges out there, many stock or forex-oriented brokerage firms are keen to become part of the crypto trend. So does Amsterdam-based BUX. After acquiring cryptocurrency investment platform Blockport in January of this year, BUXRead More

US Court Terminates Kraken, Bitmain, Roger Ver Lawsuit

After a year of appeals, a US court has finally granted a dismissal for the lawsuit of United Corp. against Bitmain, Kraken, Roger Ver and others in the crypto space. Bitmain, Kraken and Others Off the Hook For Now The lawsuit (United American Corp. Vs. Bitmain, Inc. et al), which called for a $4 billion compensation for the actions of the Kraken exchange, Bitmain, and Roger Ver, was dismissed. Now, United Corp. has the chanceRead More The post appeared first on Bitcoinist.com.

Binance Scores Former JPMorgan Exec to Lead Latin Expansion

There seems to be nothing stopping Binance from its quest for world domination. Changpeng Zhao’s powerhouse exchange is now branching into additional markets–with former JPMorgan exec and legal counsel at the helm. Binance to Expand through Europe and Latin America In an announcement on the company blog, Binance revealed today that it had made a new hire, taking on Josh Goodbody. He will be joining the leading cryptocurrency exchange as Director of European and LatinRead More The post appeared first on Bitcoinist.com.

Crypto Exchanges Are Cracking Down on Hackers, Chainalysis Report

Hacking attacks on crypto exchanges are becoming the norm, according to a recent report by Chainalysis. However, this also means that platforms are much better prepared, which explains why the total value of stolen crypto funds declined last year. Number of Exchange Hacks Updated Record in 2019 Blockchain analysis firm Chainalysis published on Tuesday an excerpt of its 2020 Crypto Crime Report, with the full version being scheduled for release later this month. According toRead More The post appeared first on Bitcoinist.com.

An Uber Crypto Future Could Be Closer Than You Think

According to Binance’s CEO, cryptocurrency technology will become a part of everyday life over the next decade, including when using Uber. CRYPTO WILL BE EVERYWHERE The past couple of years in the crypto space have been likened to the mid-1990s before the internet went mainstream. People didn’t have email accounts because they didn’t know what they were, or how to use them. Today, email has been usurped by hundreds of different social messaging platforms. CryptoRead More The post appeared first on Bitcoinist.com.

US SEC Targets Crypto Startup For Illegally Raising $13 Million

US SEC Targets Crypto Startup

Two years after Bitcoin’s ATH, the US SEC still continues to deal with cases involving illegal fundraising by crypto-based companies. SEC Sets its Sights on Latest Crypto Project It has been two years since Bitcoin (BTC) reached its all-time high, with its price reaching $20,000. However, the market surge that allowed its price to go as high up as it did also attracted countless others who saw an opportunity to launch their projects and raise

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Japanese Crypto Exchange Coincheck To End Leveraged Trading

coincheck ends leverage crypto trades

The Tokyo-based crypto exchange, Coincheck, announced that it is terminating its leveraged trading service, in a blog post this morning. Settlement and Transfer Deadlines The planned end date for leveraged crypto trading is 12:00 on Friday, March 13, 2020, by which deadline all open positions should be settled. Customers will then have until the end of March 2020, to transfer any Japanese Yen balance in Coincheck’s leverage account to their own trading accounts. Positions not

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PayPal Files Lawsuit Against CFPB Over ‘Confusing’ Digital Wallet Rules

Paypal file lawsuit again CFPB

PayPal, the leader in online wallet payments, has filed a suit against the US Consumer Financial Protection Bureau (CFPB) over new rules requiring overly strict and constraining reporting for its digital wallets. Complaints of Unnecessary Reporting The CFPB has announced a campaign to regulate so-called prepaid cards, to avoid money laundering. In the lawsuit, filed with the United States District Court for the District of Columbia, PayPal claims the rules for prepaid cards have been

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Bitmain Begins Expansion into South America

Bitmain Begins Expansion into South America

Bitmain is looking to establish a significant presence as it partners with two Bitcoin mining consulting firms. Meanwhile, co-founder Jihan Wu continues to consolidate his hold on the company amid an ongoing power struggle. Bitmain Partners with Bitcoin Mining Consultants in South America In a press release published on Thursday (December 12, 2019), Bitmain announced its partnership with Bit5ive and Fastblock. Both companies are crypto mining consultants and Bitmain is looking to use them as

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Kraken: Keepkey Crypto Hardware Wallet Has an Alarming Flaw

Keepkey crypto flaw

Crypto practitioners who depend on Keepkey hardware wallets to store their coins ought to take a pledge of not discussing it in public. Kraken Warns Crypto Users The warning appears on Kraken’s latest blog post wherein it discusses a serious flaw in all of the Keepkey hardware wallets. The US exchange’s security research wing claims that it has found a way to hack seeds from Keepkey wallets. In retrospective, a seed phrase is a string

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Nobel Winner-Backed Saga Launches Libra-Like Global Coin

Nobel Prize Winner backed Saga challenges Facebook

London-based blockchain firm Saga announced the launch of its Saga token (SGA). The digital unit represents a global currency that complies with regulators’ requirements. Saga Advised by Nobel Prize Winner, Former Bank of Israel Governor The currency is backed by a basket of fiat currency to avoid high volatility. Thus, it acts like a stablecoin and resembles Libra – Facebook’s digital currency that is still under development. Interestingly, the advisory board includes top economists like

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