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The Blockchain Story

The Story : Crypto March

  • By The Blockchain Story
  • Fri, 05 Apr 2019 00:00:00 AM
  • 0 comments
  • 1

Special Edition | The Story - Crypto March | 2019

South Korean Exchange Bithumb hacked of almost $20 M in XRP & EOS

Bithumb has experienced a security breach resulting in loss of around 3.07 M EOS and 20.2 M XRP valuing around $12.5 million & about $6.2 million respectively. Following the incident, exchange paused withdrawals and deposits temporarily. As per the official statement, exchange is actively working with Law enforcement authorities to resolve the issue. Funds stolen were corporate funds and all the user’s funds are stored in cold wallets as after last Hack Company adopted the policy to store user funds in cold wallets. Company has acknowledged the absence of any external incursions, confirming the theft as an insider job. Exchange stated that it will put in place an employee verification system to curb such incidents in future.

IBM ‘World Wire’ signs Six Global Banks  

IBM and Stellar have announced that Six international banks have signed letters of intent to issue their own stable coins (backed by their national fiat currencies) on IBM’s “World Wire.” The banks on-board include Brazil’s Banco Bradesco, South Korea’s Bank Busan and the Philippines’ Rizal Commercial Banking Corporation. Cross-border payment network of IBM, Blockchain World Wire (BWW) was launched in collaboration with Stellar (XLM) in September 2018. Now Live, The World Wire platform has already secured 72 payment locations across the globe, leveraging 48 currencies and 44 banking endpoints (including banks and ATM’s), according to IBM. Read More

Coinbase Custody launches Staking Services with Tezos baking, Maker to Follow in future

Coinbase Institutional Asset Custody Service has launched staking service for Tezos holders allowing investors to generate passive income from offline assets. Further, it plans to integrate governance support for Maker (MKR) to allow investors to have a say in the project’s governance by providing voters rights. Proof-of-Stake (“POS”) assets incentivize participants to help secure the blockchain by “staking”, or “delegating”, their assets to someone running the blockchain software. If holders delegate to a trusted node (validator), it can share in the rewards that the validator receives for mining blocks. In the blog post it also implied that it will launch similar staking services on other blockchain platforms but no timeline or projects were identified.

Largest Railway Company in Japan Considers Crypto Payment Option

Japan’s biggest railway and subway operator, the East Japan Railways (JR-East), is reportedly planning to add cryptocurrency payment options for its users. JR-East plans to establish a new cryptocurrency venture, either exchange or other infrastructure to process payments enabling it to generate a new source of revenue in the form of transaction fees from cryptocurrency payments it processes. It is also likely that JR-East may accept a Bank created Crypto Like Mizuho Bank underdevelopment cryptocurrency. Internet Initiative Japan, which recently got license for its Decurret crypto exchange, has unveiled a new payment system to enable customers to pay in cryptocurrencies via JR-East’s Suica smartcard, and also hoping to allow smartphone-powered cryptocurrency payments. Around 75 million Suica cards are in circulation which is also accepted at some 580,000 convenience stores throughout the country.

The Ruling Party of the Russian Federation launches blockchain based E-voting

The ruling party of the Russian Federation, United Russia, has launched a blockchain-based platform for electronic voting for its primaries. The federation has reportedly launched an upgraded website with the added function of e-voting. The party’s head of IT projects Vyacheslav Sateyev said that the vote counting process will be implemented using blockchain technology. He also stated:

"Candidates will be able to fill in their personal pages on this site, including posting news, videos, photos, distributing their pages. The personal account is now integrated with all social networks. We have also made an adaptive version of the site for mobile phones."

Only citizens who had completed the authorization process on the portal providing Electronic State Services can participate in and vote. The e-voting system is developed to enhance election transparency and eliminate intermediates in the electoral process.


Research:

Bitwise claims that 95% reported BTC trading volume is fake

A research report by Bitwise Asset Management revealed that 95% of the reported trading volume in Bitcoin by CoinMarketCap.com (CMC) is fake. According to the report CMC originally reported a combined $6 billion in average daily trading volume but only $273 million of CMC’s reported BTC trading volume was legitimate. The Report, which was presented to SEC, states that:

“Reported volume adds to roughly $6 billion/day, but under the hood the exchanges that report the highest volumes are unrecognizable. The vast majority of this reported volume is fake and/or non-economic wash trading.”

Bitwise carried out a first-of-its-kind analysis of “order book data” from all 81 exchanges reporting more than $1M in BTC volume on CMC. Bitwise assessed Trade Printing between bid and ask patterns, observed multiple hours (and days) with zero volume and monotonic trading volume along with negligible real-world footprint for exchanges that fabricated their volumes.

For deeper analysis, Bitwise applied three vectors viz., Trade Size Histograms, Volume Spike Alignment, Spread Patterning Analysis. It concluded that exchanges reporting fake volume fail these tests. The report also claims that only 10 cryptocurrency exchanges have “actual/real” volume, including Coinbase, Binance, Gemini, Bittrex, Kraken Gemini and Poloneix. These exchanges cleared the tests reflecting natural patterns.

As per a report by Bloomberg, CMC is well aware of the fake volume problem that plagues the website. In response, the site revealed that it plans to include liquidity measures, hot and cold wallet balances and traffic data for listed exchanges.


From The Crypto Bits

  • CBOE did not list Bitcoin Futures in March, citing need to re-assess Crypto Derivatives.

  • Jack Dorsey’s Square is hiring Crypto Engineers, offering salaries in Bitcoin 

  • India’s Federal Bank, joins Ripple Global payment network for cross-border remittances. 

  • The Universal Protocol (UP) Alliance, a coalition of blockchain firms will launch its own euro-pegged stablecoin in April

  • Australia Govt. has announced National Blockchain Roadmap and further funding for Blockchain Sector.

More in The Crypto Bits


Courts and Prosecutors

  • Japanese Court finds former Mt. Gox CEO, Mark Karpeles, guilty of Manipulating Financial Records. Mr. Karpeles has announced his intention to Appeal the conviction.

  • Bitmain’s investors are reportedly planning to file a class action lawsuit against it to recover their investments after the expiration of Bitmain’s IPO bid.  

  • QuadrigaCX’s Legal Representatives, Law firms Miller Thomson and Cox & Palmer has created a 7 member “Affected Users Committee”

  • Dubai-based crypto firm ABBC Foundation has agreed to stop using the name “Alibaba” for its cryptocurrency after legal action by Chinese e-commerce giant Alibaba Group

  • U.S. Attorney Office of the Southern District of New York has charged the founders of Onecoin, Konstantin Ignatov & Ruja Ignatova of Wire fraud, securities fraud and money laundering offences.

More in Courts and Prosecutors


Government and Regulatory

  • Hong Kong Securities Regulator, the Securities and Futures Commission (SFC) has issued official guidance on security token offerings (STOs).

  • The Swiss Federal Council has started its ‘consultation period’ aiming to adapt the federal laws for blockchain development after the Federal Assembly approved a motion to instruct the Council to adapt existing legislation for cryptocurrency regulation.

  • Thailand’s Securities and Exchange Commission (SEC) has approved the country’s first portal for scrutinized initial coin offerings (ICOs).

  • Japanese FSA has introduced new regulations for cryptocurrency ‘Margin Trading’ limiting leverage in margin trading at two to four times the initial deposit - May come into force in April 2020.

  • Israel Securities Authority Publishes Final Recommendations on Crypto Regulation

More in Government and Regulatory


Investment & Acquisitions

  • 13 Japanese Banks invest in SBI’s Ripple-Powered Blockchain Payment App MoneyTap

  • Circle completes acquisition of Crowdfunding Platform SeedInvest

  • eToro acquires Smart Contract Development Company Firmo

  • Smart Contract Firm Quantstamp has recieved Investment from Financial Giant Nomura Holdings.

  • Forte and Ripple’s Xpring establish $100 M Fund to Support Blockchain in Gaming

More in Investment & Acquisitions 


Hiring and Joining

  • Former IBM and Cisco Executive Tom Noonan to Join Bakkt as Board Chairman
  • Digital Asset Holdings has appointed Yuval Rooz, Digital Asset’s co-founder, as its new CEO.

  • Chritsine Sandler, Director Instituional Sales, Coinbase to join Fidelity Digital  Assets

More in Hiring and Joining


Adoption

  • MoneyMessage has developed an AddIn for Microsoft outlook and Chrome Extension for Gmail which allows you to append money in form of XRP (Cryptocurrency) and send it to any mail receiver. 

  • Avnet, Inc, has announced a collaboration with crypto payment processor BitPay to accept cryptocurrency for the company’s services and products.

  • Switzerland’s biggest online Retailer Digitec Galaxus AG launches Cryptocurrency payment powered by payment processor Bitpay.


Gaming

  • Blockchain Gaming Startup Animoca Brand has signed a Global Licensing Agreement With Formula One that will allow Animoca to publish a blockchain game “F1® Delta Time,” based on non-fungible tokens (NFTs).

Crypto Stalling

  • Microsoft’s search engine ‘Bing’ has blocked over 5 M Crypto-Related Ads in 2018

  • According to reports Streaming Service Twitch has Removed Crypto Payment Options

  • E-commerce Giant in Latin America, Mercado Livre, has banned cryptocurrency advertising on their website

 

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