The GateHub Hack: More Than 100 XRP Ledger Wallets Affected

GateHub hackGateHub hack

In the crypto space, it’s not uncommon to see a crypto wallet get hacked. It’s unfortunate, of course, but not unusual. And the latest crypto wallet hack came this week. On Thursday, GateHub said more than 100 customers have had their ledger wallets hacked, resulting in their funds being stolen.

Here’s everything we know.

GateHub Hack: What We Know

On Thursday, June 6, GateHub published a “preliminary statement” on its blog. In the post, the crypto wallet said more than 100 customers have had funds on their XRP Ledger wallets stolen.

Taking the opportunity to apologize for this issue, GateHub also said it has “not identified any action or omission by GateHub that may have facilitated or allowed this apparent theft to occur.” More specifically, GateHub does not know how it was hacked, as it has not detected suspicious logins or anything of that kind.

GateHub has contacted users who had their wallets compromised. According to the post, GateHub told these users that it would be wise for them to transfer their existing balances in their XRP wallets to another hosted wallet. While it’s good the crypto wallet is providing customers with a resolution, the hack itself will likely cause the service to see some backlash.

Even before GateHub acknowledged the security breach, members of the GateHub community had come forward about a GateHub hack. According to Thomas Silkjær, around 23.2 million XRP coins had been stolen from between 80 to 90 GateHub accounts.

>> Bitcoin Miners Diversifying from China to the US over Regulatory Concerns

Now What?

This is, of course, bad news for GateHub customers. But the crypto wallet service is trying its best to resolve the issue, saying on Thursday that it has notified law enforcement about the breach.

As an investigation plays out, GateHub users and other members of the crypto space should watch out for new, emerging details.

What do you think about the GateHub hack? Let us know in the comments below!

Featured image: DepositPhotos © BrianAJackson

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Facebook Coin: Platform will Announce Cryptocurrency in June

Facebook CoinFacebook Coin

According to CNBC, Facebook will announce its cryptocurrency later in June. Further, those working on the project will be able to take their salary in its new currency—the Facebook coin.

Let’s check this out; here’s what we know.

Facebook Coin: To Be Announced in Late June

Rumors have surfaced for months now about Facebook’s new digital asset; however, nothing was ever truly confirmed. What is known is this:

  • Almost one year ago, Facebook hired former PayPal executive David Marcus to explore blockchain opportunities—blockchain is, of course, the necessary technology to develop a cryptocurrency.
  • From there, several outlets reported that the social media giant was secretly building its own digital currency for use on its Facebook Apps—Messenger and WhatsApp.
  • Further, rumors suggested that the company was even building its own ATMs where users could buy this cryptocurrency.

Whether or not the company will release official details over its new Facebook coin remains to be seen, but a report from The Information says that it will.

CryptoBank

With more than 2 billion users on the platform, a Facebook coin would turn Facebook into a cryptocurrency “bank.” The buying and selling of things, as well as the exchanging of money between countries, would help the company move beyond advertising revenue, which currently accounts for nearly all of its capital.

>> OkCoin Opens Up Euro Pairs to Traders: Get Em’ While They’re Hot!

Also, it would get critics off its back for its controversial ad model. The company is often at the mercy of hefty criticism that includes the invasion of privacy, its misuse of data collection and storage, and the abusing of users details.

CEO Mark Zuckerberg has helped the rumors to flourish. Recently in a conference for developers, he highlighted payments as an important area for the company.

However, both operating chief Sheryl Sandberg and CFO David Wehner are “skeptical of the initiative internally,” according to The Information.

Facebook will reportedly look for third-party organizations to act as “nodes” in order to manage the scale of the cryptocurrency. If chosen, the third-party would be charged $10 million for the privilege.

What do you think of the Facebook coin? Is it something you would use?

Featured Image: DepositPhotos © grinvalds

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GlobalCoin: Facebook in Discussions with CFTC but Uncertainties Continue

GlobalCoinGlobalCoin

Some weeks back, Facebook indicated that it was launching a cryptocurrency payment service called Project Libra. The company has had a series of talks with various e-commerce companies as well as financial firms seeking support for the payment service. The latest discussions involve the US Commodity and Futures Trading Commission regarding Facebook’s stable coin initiative: GlobalCoin.

CFTC Indicates Interest

The Financial Times reported on Sunday that Christopher Giancarlo, the chairman of CFTC, had confirmed that talks regarding the support for the stablecoin were in early stages. He added that the goal of the discussions is to confirm if the cryptocurrency will fall under the regulatory remit of CFTC. The chairman said that CFTC was interested in understanding the stablecoin better and that action could only be taken when there is an application. For now, however, no application has been made for GlobalCoin.

This news comes after the company was in discussions with US and UK government officials regarding the regulatory concerns and opportunities of Facebook’s GlobalCoin. Project Libra’s objective is to permit Facebook users across the world to transfer money.

>> BitMex Ventures Invests in PDAX, Increasing Activity in the Philippines

Too Early to Tell

Since the CFTC and Facebook are still in discussions as CFTC tries to understand the coin, the chairman indicated that it was still early to ascertain the possibility of GlobalCoin falling under the CFTC remit. However, Giancarlo indicated that if the stablecoin will get backing of the US dollar, then the possibility of it being tied to derivatives will be minimal. He further indicated that the main compliance issue by regulators will be how the company will implement and adhere to anti-money laundering and KYC measures.

Some people believe that Facebook’s GlobalCoin will be a game changer in the crypto industry, while some hold that it is such an expensive feat that won’t go far.

Featured image: DepositPhotos © bernardojbp

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Even if Facebook Launches GlobalCoin, It’s Going to Struggle: This is Why

GlobalCoinGlobalCoin

While not official, it looks like we’re going to see Facebook’s GlobalCoin sometime soon. And yet, if this rollout does happen, new research has indicated that the Facebook cryptocurrency will struggle to gain traction.

Here’s why.

Facebook’s GlobalCoin Hits Roadblock

The most recent piece of news about Facebook’s GlobalCoin came out last week, on May 24. It was at this time that BBC, a UK broadcasting company, said social media giant Facebook plans to launch its cryptocurrency GlobalCoin next year, even going as far as saying the company plans to conduct trials by the end of this year.

But of course, this hasn’t been publicly confirmed by Mark Zuckerberg’s company, and maybe that’s a good thing.

Yesterday, May 28, Diar, a cryptocurrency analytics firm, published a research report saying GlobalCoin will struggle out the gates as it won’t gain traction because of the demographics that use the platform.

According to Diar’s research, less than half of the platform’s users are under 35-years-old. Meanwhile, the number of users above the age of 65 has more than doubled since 2012. And here’s where things get tricky: retirees may be the main demographic on Facebook, but they are also the weakest in terms of interest in cryptocurrency. With that, Diar is confident that GlobalCoin will not be enough to pursue this demographic to enter the crypto zone.

Most people recognize that Facebook is falling in popularity with younger demographics. And while that does many things for the company, a new concern will be whether GlobalCoin will be at risk because of it. And with platforms like SnapChat gaining more traction than Facebook, the platform probably doesn’t need any more problems.

>> Bitcoin Price: Will the Bull Run Continue? What’s Next for the Digital Coin?

Thoughts?

Who knows, though. Maybe GlobalCoin will end up being the exact thing that was needed for baby boomers to start investing in cryptocurrencies. Or maybe not. Maybe GlobalCoin will flop. Only time will tell, I suppose.

What do you think about Diar’s research? Is it fair to say GlobalCoin will struggle because Facebook doesn’t have the right demographic for it?

Let us know what you think in the comments below!

Featured image: DepositPhotos © Shawn.ccf

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China’s Cryptocurrency Rankings Crown EOS, As Entire Market In Green

China's Cryptocurrency RankingsChina's Cryptocurrency Rankings

EOS still maintains the top spot in China’s cryptocurrency rankings list. The superpower updated its list last week, proving that EOS is still the favorite. Bitcoin has climbed up three places and now sits in 12th position.

Considering Bitcoin is up 10% to press time and approaching the $9k mark, its a wonder why it hasn’t ranked higher on the list. Well here’s why:

China’s Cryptocurrency Rankings

The rankings list assesses three criteria: technology, application, and innovation.

The top five were as follows: EOS, TRON, ETHEREUM, STEEM, and ONTOLOGY.

Despite the original cryptocurrency Bitcoin being the leading coin by market cap, it only managed to place in 12th. It scored well for creativity but lacked in basic technology.

The rankings are funded by China’s Ministry for Industry and Information Technology and were released by the Center for Information and Industry Development.

Moving forward, the body plans to update the list once every two months instead of monthly.

Eos has held the top spot since June 2018, while Tron has managed to stay in second place since February 2019.

Crypto’s In Green

The entire cryptomarket is experiencing double-digit gains today. China’s cryptocurrency rankings favorite, EOS is up 17.67% and selling for $7.45 per coin.

As stated, Bitcoin is holding firm above $8k—it is currently selling for $8,863 and up 10.87%.

The original cryptocurrency has been on a continued bull run this month. May has seen it pack on whopping gains of 65%.

Will The Gains Continue?

Recently, Bitcoin enthusiast and crypto fund manager, Brian Kelly, spoke to CNBC’s Fast Money and predicted that Bitcoin price will continue to rise. One reason for this is the approaching “halvening” that will see Bitcoin mining rewards cut in half. The halvening won’t happen until 2020, but until then, miners are expected to hoard BTC and this increasing demand will see Bitcoin price rise as the supply becomes lessened.

>>Is Facebook Launching its GlobalCoin Cryptocurrency Next Year? BBC Says Yes

Of course, Bitcoin remains as volatile as ever. Only one day after the coin passed the $8k mark, it plunged 10% back to $7,200 USD. While it has indeed paired those losses once again, never become too comfortable in this market. Another major dip is easily around the corner, especially if Bitcoin has been on an extended bull run.

What do you think of China’s cryptocurrency rankings list? Is EOS your favorite?

Featured Image: Deposit Photos/ilolab

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Is Facebook Launching its GlobalCoin Cryptocurrency Next Year? BBC Says Yes

GlobalCoinGlobalCoin

There’s been a lot of information circulating that Facebook is moving into the crypto market. And while some of this information is outright false, other bits are true — at least, that’s what the sources say. Take today, for example. On Friday, BBC said Facebook (NASDAQ:FB) is going to roll out GlobalCoin next year in several countries.

Here’s everything we know.

Facebook’s GlobalCoin Hitting the Market Soon?

According to BBC, a London, UK-based broadcasting company, Facebook is planning to roll out its cryptocurrency “GlobalCoin” in 2020. The online media giant, according to the BBC report, will launch the crypto-based payments system in roughly 12 countries by Q1 2020. And while that might seem far away, BBC also said Facebook plans to commence trials by the end of 2019. That and Mark Zuckerberg’s company has also already gone to the U.S. Treasury for advice.

More details about GlobalCoin are expected to be announced in the coming months. And while the world does need these additional details — the influence Facebook has on the world is huge, so the possibility of the company moving into crypto is extremely significant — Facebook seems to already be benefiting from the BBC report. Well, maybe not benefitting, but at least FB stock didn’t plunge after the report on GlobalCoin came out.

According to Yahoo Finance, as of 3:44 PM EDT, FB stock is trading at $181.19; this puts FB stock up 0.18%.

Takeaway

As mentioned, Facebook launching its own cryptocurrency is massive. Companies like Facebook and Amazon are constantly moving into different sectors of the market successfully, and the launch of GlobalCoin in a dozen countries would be yet another example of this. 

What do you think, though? Should Facebook launch GlobalCoin? If so, which countries should gain access to the cryptocurrency?

Let us know what you think in the comments below, and don’t forget to follow along with this story in the coming months! 

Featured image: DepositPhotos 

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Europol Seizes Bestmixer.io Over Money Laundering Allegations

bestmixer.iobestmixer.io

Europol indicated that on Wednesday the Dutch Fiscal Information and Investigation Service had seized Bestmixer.io which is a bitcoin transaction mixer. A statement from Europol referred to the action as the “first law enforcement action of its kind against such a cryptocurrency mixer service.”

Europol, FIOD and Luxembourg Authorities Seize Bestmixer.io

The operation that was carried out jointly by Europol, FIOD and Authorities in Luxembourg was started in June last year after Bestmixer services were flagged by Internet security firm McAfee. Following the crackdown, six servers were seized in Luxembourg and the Netherlands.

Bitcoin transaction mixer websites such as Bestmixer.io operate by pooling together funds and then creating a new web of transactions with the aim of obfuscating their source. In essence, what the coin mixer users do is to send funds plus an extra fee and then they will receive all their money from a different source. This makes it difficult to trace the original source of the funds. Bestmixer is a leading cryptocurrency mixer that offers cryptocurrency mixing services for Litecoin, Bitcoin Cash and Bitcoin Core.

Bestmixer has transacted 27,000 bitcoins since its launch

According to Europol, the funds going through Bestmixer.io are said to have had a criminal origin or a criminal destination and the mixer was being used to launder and conceal criminal transaction of funds. Since its launch in May 2018 Bestmixer.io had mixed an estimated 27,000 bitcoins achieving a turnover of approximately $200 million.

Bestmixer.io blatantly advertises their money laundering services on the site where they have described the anti-money laundering policies but go ahead to explain how mixing could help avoid the regulations by making money untraceable and anonymous. Offering this service is illegal in most countries.

CipherTrace CEO, Dave Jevans stated that the crackdown indicates that increase in regulation on crypto-to-crypto services.  This comes at the back of European AMLD5 regulations and US FinCEN views that indicate that cryptocurrency services are money business services and as such should be subject to regulations.

Featured Image: bestmixer.io

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The Abyss Platform Partners With Epic Games – Blockchain Gaming

The Abyss PlatformThe Abyss Platform

Epic Games—the developer behind the global success Fortnite—is partnering with blockchain game distribution platform, The Abyss. The company made the announcement earlier today.

Epic Games and The Abyss Blockchain

The Abyss blockchain is a new digital gaming platform that offers MMO’s (Massively Multiplayer Online games) and other video games. Offering a Platform-as-a-Service (PaaS) business model, it gives indie-studios the ability to develop, run, market and manage their games. There is no interference from a third party.

Further, users can generate income via “the unique multilevel referral program which serves as an additional revenue stream for gamers and developers.

Epic Games Involvement – UE4

Now, The Abyss is partnering with Epic Games. The platform is offering its partner developers licensing, maintenance and support for Epic’s Unreal Engine 4 (UE4).

Released by Epic in March 2014, UE4 has become one of the most widely used engines for commercial game development. In essence, it is a tool used by game developers to create real-time, high-fidelity experiences as it offers the most advanced graphics out there.

In return for use of UE4, developers on The Abyss platform will be required to make quarterly payments, the equivalent to 5% of their returns, once they earned over $3,000.

Developers will also receive marketing support from The Abyss if they do use UE4 to develop their game. For example, the platform will help to attract early players for new games, and offer extra traffic for already released ones.

Unreal Engine Developers

On the partnership, Mike Gamble, Head of Games Licensing EMEA, for Epic Games, said:

“We’re delighted that The Abyss has chosen to provide additional resources to Unreal Engine developers and publishers on its platform. UE4 scales to hundreds of millions of players, and access to premier support and connections with the global community can be critical to success of large-scale games with live operations.”

>>Bitcoin Price Is On The Rise According To Brian Kelly On Fast Money

By offering UE4, The Abyss is hoping to attract more gaming studios and games to its blockchain. And further, as Abyss users are able to accept the native ABYSS token for payment and purchases, the platform is aiming to help Unreal Engine developers to adopt cryptocurrency.

What do you think? Have you heard of The Abyss platform? Sounds pretty cool!

Featured Image: Deposit Photos/opturadesign

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Bitcoin Price Is On The Rise According To Brian Kelly On Fast Money

Bitcoin enthusiast and crypto fund manager Brian Kelly has told CNBC that Bitcoin price could rise further in the coming months.

His prediction isn’t unfounded; there is an impending supply cut on the horizon and this should help to push prices higher.

Brian Kelly Predicts Bitcoin Price will Rise

In an interview on CNBC’s Fast Money program yesterday, May 21st, Kelly explained that “the halvening,” which is due to take place in 2020, will cut mining rewards in half.

As such, he expects miners to begin hoarding BTC if they aren’t already doing so. This increased demand should see Bitcoin price rise as the supply becomes lessened.

Further, the coin is being spurred on by increased industrial adoption and use in retail.

Kelly described the four-year cycle that leads up to “the halvening,” saying:

“You generally have a rally a year into it, and a year out of it. And so we’re just at the beginning of that stage […] a supply cut is generally bullish.”

The fund manager goes on to say that investors should dedicate between 1% to 5% of their portfolio to cryptocurrency while prices remain stagnated around the current levels of $7,900.

Brian Kelly Predictions

Kelly has been a guest on Fast Money several times where he has made predictions for the future of Bitcoin and cryptocurrency.

Recently, the crypto-analyst stated that an approval for a Bitcoin Exchange-traded fund (ETF) was most likely to come in February 2019. We are still waiting on that one, however.

Other analysts believe there are several reasons for BTC’s recent surge. One idea suggests the United States and China trade war could be a reason. Another impetus could be the increased adoption of the mainstream. For example, Ebay recently caused a stir when photos of its banners at the Consensus conference in New York, leaked onto the web.

Saying: “Virtual Currency. it’s happening on Ebay”, the banners made many believe that the e-retailing giant is about to enter the cryptocurrency space. Ebay has yet to confirm anything, however.

Featured Image: Deposit Photos/stevanovicigor

Bitcoin SV jumps 80% As Wright Files “Proof” That He’s Nakamoto

Bitcoin SVBitcoin SV

The top ten cryptocurrencies are all in green boasting moderate gains. For example, Ethereum is up 2% and Bitcoin Cash up 4.38%. Leading coin by market value, Bitcoin, is 1.75% in the green, nearing $8,000 USD per coin—much to the excitement of the bulls. However, its hard to ignore the not-so-moderate gains that Bitcoin SV is sporting just outside the top ten.

In eleventh place in terms of market cap, the hard-fork of a hard-fork is up a whopping 79.57%.

The rise is attributed to Bitcoin SV’s founder, Craig Wright, and a poignant move he just made to “prove” he is Satoshi Nakamoto—the original Bitcoin creator.

Bitcoin SV Is Up 80%

Earlier today the controversial figure filed copyright registrations for the Bitcoin whitepaper and the early Bitcoin code with the US Copyright Office.

But his move has already been lambasted, with many in the community considering another fraudulent claim.

For example, Jerry Brito of CoinCenter, pointed out on Twitter, that anyone can register a copyright claim. Doing so still isn’t proof of ownership and neither is recognition by the US Copyright Office itself.

He goes on to say:

The Copyright Office does not investigate the validity of the claim; they just register it. Unfortunately there is no official way to challenge a registration. If there are competing claims, the Office will just register all of them.

Wright has been claiming since 2015 that he is the creator of the world’s largest cryptocurrency. He has, however, been continuously unable to provide hard evidence that confirms it.

As such, he has been slammed across the industry with names such as “fraud” and “Faketoshi”. In response, he has launched a series of lawsuits against those who have doubted him or publicly denied his claims.

However, this caused further industry backlash and led Binance CEO Changpeng Zhao to delist Bitcoin SV from his exchange platform.

Industry Speculation

The debacle will continue and all the while, we still remain unsure who is the real person or persons behind the pseudonym, Satoshi Nakamoto.

>>Bitcoin Price Jumps Again, Now Above $8K Mark

Is he telling the truth? Who could possibly know?

What do you think about Wright’s filing? Do you believe him? Are you shocked to see Bitcoin SV up 80% in response?

Featured Image: Deposit Photos/Afotoeu

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@media (max-width: 590px) {
.crec-ad {
width: 100%;
}
.crec-image img{
height:auto;
}
.crec-ad:last-child {
width: 100%;
padding-right: 4px;
}

.crec-header h1 {
padding-left:20px;
}

.crec-container {
padding-left:20px;
padding-right:20px;
}
}
]]>