South African Court Grants Order to Liquidate Mirror Trading International After Investors Fail to Withdraw Their BTC

A South African High Court recently granted a provisional liquidation order against Mirror Trading International (MTI) following an application for relief by two investors who failed to withdraw their bitcoin. According to a statement released by lawyers of one of the aggrieved investors, this provisional order paves the way for the appointment of a liquidator to take control of MTI’s assets and liabilities.

Provisional Order

The order by the Cape Town court came after the Financial Sector Conduct Authority (FSCA) reported receiving complaints from investors who failed to withdraw invested funds. The court’s decision also follows reports that Johann Steynberg, the CEO of the alleged online bitcoin scam platform, had skipped the country.

At the same time, a statement released by MTI management alleges that Steynberg, who is no longer communicating with fellow executives, blocked his colleagues from accessing the company’s funds. The management team says it is now working with law enforcement as it tries to recover investor funds.

Meanwhile, as one local publication reports, the court’s provisional order also calls on “creditors and interested parties to reconvene in early March to show why a final liquidation order should not be granted.” However, in the meantime, the provisional order “will now be served on MTI’s registered business premises.”

MTI Ditched by Lawyers

Nevertheless, the report explains that there are doubts that the court can successfully serve the CEO with the order since his exact whereabouts are unknown. News.bitcoin.com has previously reported that Steynberg fled to Brazil and left his wife Nerina in control of MTI’s funds.

Furthermore, MTI’s former lawyers, Ulrich Roux, and Associates confirmed in a December 21 letter that the CEO had left South Africa. Interestingly, the lawyers used the same letter to announce the end of their business relationship with MTI.

In the meantime, the law firm that represents one of the investors that approached the court, Luitingh, and Associates, says it is willing to assist other creditors and aggrieved investors to lodge claims against MTI. Aggrieved investors can download the liquidation form from a website dedicated to victims of the MTI scam.

Do you believe that MTI investors will succeed in recovering all the lost funds? Tell us what you think in the comments section below.

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Darknet Giant White House Market Drops Bitcoin, Supports Monero Payments Only

The prominent darknet marketplace, White House Market, has dropped bitcoin payments and now accepts monero only. The darknet marketplace administrators detailed that there was an issue with a payment processor blocking Tor exit nodes, but the full transition to monero was always planned.

A number of crypto proponents have reported on the darknet marketplace, White House dropping bitcoin (BTC) payments in order to exclusively support monero (XMR). On December 28, one individual on Twitter wrote: “[One of the] largest darknet markets, White House Market, drops bitcoin support, now only uses monero.”

News.Bitcoin.com confirmed the payment system change by visiting the White House market’s onion URL. The White House admins detail the issues with bitcoin (BTC) support stemmed from a third party service.

“Bitcoin payments are no longer accepted,” the White House admins stressed. “The [third] party exchange API we used (Morphtoken) has suddenly decided to block access from Tor exit nodes and while this is trivial to circumvent we decided to respect their decision.”

The darknet admins added:

The Bitcoin workaround was supposed to be there just to help with the transition to XMR and as we are concerned it’s done, therefore we are now monero only, just as planned.

Data from the 1000x Group DNM dashboard shows on December 29, 2020, 36.5% of DNM vendors accepted monero for goods and services.

Monero (XMR) is a privacy-focused cryptocurrency asset released in 2014 and it leverages the open source Cryptonote protocol. XMR proponents like monero for its privacy features such as stealth addresses, ring signatures, bulletproofs, and dandelion++.

Moreover, monero has gained support across a myriad of darknet marketplaces (DNM) on the invisible web. Statistics from The 1000x Group’s darknet payments dashboard, shows that White House Market is the only DNM that is monero only.

However, in addition to crypto assets like bitcoin, litecoin, and zcash, a number of markets accept monero for payments. This includes DNMs like Darkbay, Cannazon, Darkmarket, Torrez Market, Cypher Market, Dark0de, Mega and Monopoly Market. That’s around ten DNMs that support the privacy-centric crypto asset monero (XMR) for payments.

Data shows on December 29, 2020, 36.5% of DNM vendors accepted monero for goods and services.

What do you think about White House Market supporting monero only and dropping bitcoin payments? Let us know what you think about this subject in the comments section below.

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Chinese Miners Migrate to Nordic Regions, Mining Exec Says Hashrate Migration One of the ‘Biggest Developments’

China has the largest concentration of bitcoin miners worldwide with estimates noting the country captures anywhere between 50-65% of the global hashrate. Xinjiang, the autonomous region of the People’s Republic of China, ostensibly accommodates 35% of the hashrate. This week a regional report from China and statements from the head of operations at Genesis Mining, indicate that Chinese miners are migrating from the area to Nordic countries like Sweden and Norway.

Just recently, news.Bitcoin.com, reported on the electrical issues in China that bitcoin miners in the country are currently dealing with due to the shortage of coal. In the report, it noted that the Cambridge Bitcoin Electricity Consumption Index (CBECI) map shows China still commands 65% of the hashrate today. However, a team member from the Cambridge Centre for Alternative Finance (CCAF) explained to news.Bitcoin.com that the CBECI map is not up-to-date and will be updated in 2021.

Back in July, it was said that China was steadily losing its concentration of bitcoin hashpower and the country dropped to 50%. The hashrate report written by Bitooda said the U.S. bitcoin mining capacity had jumped to 14% in recent months. Iran accounts for 8%, Canada, 7%, Iceland 2%, and Russia and Kazakhstan also command 8% of the world’s hashrate too.

On December 30, 2020, the financial columnist from 8btc, Iyke Aru, explains that Chinese bitcoin miners are moving from China to Nordic countries.

Aru details that in the early days, bitcoin miners in China enjoyed the lack of regulations and extremely cheap electrical rates from the country. In recent years, however, Aru says that China’s communist government has deployed “regulatory agencies” and “strict measures towards cryptocurrencies” and mining operations in China have been affected.

“Bitcoin mining is gradually shifting base,” Aru’s report notes. “From being concentrated in China, miners have started a gradual but steady migrating to countries that present more friendly conditions for their industry.”

Philip Salter, head of operations at Genesis Mining has corroborated Aru’s statements in regard to Chinese miners moving to the Nordics. Salter stressed that China’s miner migration is one of the “biggest developments” in the bitcoin industry right now. The head of operations at Genesis Mining said that the movement is due to miners seeking out financial safety and “political stability.”

“There is a very important strategic shift away from mining in China to mining in western countries like Sweden as Bitcoin investors become more public and want more stability and critical safety,” Salter detailed.

Aru’s report goes on to highlight the recent electrical struggles Chinese bitcoin miners from Yunnan province have been dealing with in recent times. Moreover, because China has banned cryptocurrency exchanges, it has “complicated issues for miners, who cannot easily convert their mined Bitcoins into fiat in order to pay for services such as electricity.”

In Nordic countries, Aru says that Chinese operations are attracted to “eco-friendly green energy.” The benefits from countries like Sweden and Norway in contrast to China, alongside the complications from the communist government, is “pushing bitcoin miners away from China,” Aru’s report concludes.

What do you think about Chinese bitcoin miners migrating to Nordic countries like Sweden and Norway for friendlier mining environments? Let us know what you think about this subject in the comments section below.

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Vaneck Files New Bitcoin ETF Proposal With SEC Under New Administration

After successfully launched a bitcoin exchange-traded product in Europe, Vaneck has now filed a new proposal for a bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). Under former chairman Jay Clayton, the SEC never approved a bitcoin ETF. However, Clayton has resigned from his post and changes may be coming from the incoming Biden administration.

First Bitcoin ETF Filing After Clayton’s Departure

New York-based investment management firm Vaneck filed a registration statement with the U.S. Securities and Exchange Commission (SEC) on Dec. 30 to list and trade the Vaneck Bitcoin Trust. According to the filing, the sale of the fund’s shares will commence “As soon as practicable after the effective date of this registration statement.”

“The Vaneck Bitcoin Trust (the ‘Trust’) is an exchange-traded fund that issues common shares of beneficial interest (the ‘Shares’) that trade on the Cboe BZX Exchange Inc.,” the filing describes. “The Trust’s investment objective is to reflect the performance of the Mvis Cryptocompare Bitcoin Benchmark Rate less the expenses of the Trust’s operations.”

The filing adds that to achieve its investment objective:

The Trust will hold bitcoin and will value its shares daily based on the reported Mvis Cryptocompare Bitcoin Benchmark Rate.

This rate is calculated based on exchanges that the MV Index Solutions GmbH (Mvis) believes represent the top five bitcoin exchanges based on the Cryptocompare Exchange Benchmark review report. Vaneck Digital Assets is the sponsor of the Trust and Delaware Trust Company is the trustee.

“Barring a liquidation or extraordinary circumstances, the Trust does not intend on purchasing or selling bitcoin directly, although the Trustee may direct the Bitcoin Custodian to sell bitcoin to pay certain expenses,” the filing continues. “Instead, when the Trust sells or redeems its Shares, it will do so in ‘in-kind’ transactions in blocks … at the Trust’s net asset value.”

Vaneck Director of Digital Assets Strategy Gabor Gurbacs tweeted:

Bringing to market a physical bitcoin ETF in the U.S. is a top priority for Vaneck. We are committed to support bitcoin-focused innovation & continue to work with regulators & market participants to achieve that goal.

In November, Vaneck launched a bitcoin exchange-traded note (ETN) in Europe. “The ETN is physically-backed by bitcoin and listed on Deutsche Böerse Xetra,” Gurbacs explained.

The new bitcoin ETF filing came a week after former SEC chairman Jay Clayton resigned from his post on Dec. 23. Under his leadership, the SEC never approved a bitcoin ETF. President Donald Trump has named Commissioner Elad L. Roisman as the acting chairman of the SEC. Meanwhile, Acting Comptroller of the Currency Brian Brooks has warned that changes may be coming from the Biden administration. They may include some measures put in place by the Office of the Comptroller of the Currency (OCC).

Do you think the SEC will soon approve a bitcoin ETF now that Clayton is no longer the chairman? Let us know in the comments section below.

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Low Circulation and High Demand at Opening of SCU Trading

PRESS RELEASE. Securypto trade will open on Bilaxy on 1 January, 2021 and all indicators say that it will start off strong given the high demand for it alongside the low circulation of the coin as pointed out by Securypto team. There will be only 410,000 coins available for sale when it starts trading on Bilaxy.

On top of that, another 750,000 coins have been recently burned on 28 December, 2020. This news alone has made investors pay more attention to the potential Securypto has on the market especially since the SCU coin is one of the few coins that actually has a use case.

Taking in consideration the scarcity of the coin, it is expected by the Securypto telegram community that the value of the coin will increase by time in both short and long term in their recent poll.

Securypto has raised almost $100,000 before the exchange opening which is an astonishing feat on its own these days, long past the days of ICOs. This signal clearly shows how strong the community and investors believe in this project.

Bilaxy

Bilaxy support has quite been unprecedented, “Bilaxy has always been the home of crypto hidden gems, and we are happy to support more promising blockchain projects with our various financial services like trading, staking and more. Anonymity is a scarce commodity in this day and age and we have seen Securypto’s potential to develop a model where you take back control of your data and send and receive truly anonymous encrypted data.”

About SCU

SCU, which stands for Securypto Token, is a utility token that enables users send and receive encrypted messages and data with it’s app DigiSafeGuard. The app itself already allows you to do that but the utility token enables an anonymity layer on top of it which makes it a perfect instrument for everyone that cares about their privacy to send and receive data.

Early feedback from early adapters shows that mostly people who live in restrictive countries make use of this application like North Korea and places where censorship is very high and freedom of speech is a luxury where Securypto has given them a voice.

Whistleblowers have also commended it’s ease of use and high level of encryption and how it makes it easy to use as Whatsapp but the moment you send the message it looks like your message goes into a wormhole and the receiver gets the message and no one can discover the path it has taken from sender to receiver making it impossible for anyone to track the message or decrypt it.

It comes then as no surprise why both the community and investors have been excited about the development and launch of SCU/ETH trading on Bilaxy exchange on 1 January, 2021.

 

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Bitfinex CTO: Tether Is Registered and Regulated Under FinCEN- USDT Not Next Target of the US SEC

The CTO at Bitfinex Paolo Ardoino has pushed back against rumours that the company’s Tether stablecoin may be the next target of the U.S. Securities and Exchange Commission (SEC). The Bitfinex executive insists that the Tether stablecoin, whose market capitalization has now surpassed $20 billion, is a properly registered and regulated crypto.

The Alleged Misinformation Campaign

The CTO said while responding to rumours circulating on social media that the USDT stablecoin might fall into a predicament similar to that of Ripple’s XRP token. Immediately after the SEC filed to sue Ripple for allegedly violating the Securities Act, the XRP token’s value tumbled. Additionally, many crypto exchanges that are wary of the implications of the lawsuit have delisted the token.

However, in his reply to Ki Young Ju, the CEO at Cryptoquant, Ardoino dismisses the rumours and accuses the former of spreading misinformation. The CTO goes on to claim that the company’s stablecoin adheres to regulations just like those of its rivals. In a tweet, the CTO says:

Reminder: Tether is registered and regulated under FinCEN as all the centralised competitors. Strict KYC/AML is applied to all Tether direct users, as the other main issuers are doing. Less regulated is just FUD. Ask yourself who benefits from spreading such misinformation?

In his tweet, Ju suggested that Circle’s USDC token is “the most legally regulated stablecoin” and that it “will eventually replace (the) USDT” if and when the SEC takes action against Bitfinex.

SEC Not Targeting USDT

While bitcoiners have long voiced concern about the audit of the USDT or the lack of it, however, some like economist Alex Kruger, insist that the SEC will not be targeting the stablecoin anytime soon. In his reply to Ju’s speculation that Tether is next on the U.S. regulator’s list, Kruger argues that the “SEC wouldn’t target Tether” because the stablecoin’s issues “are not related to unregistered securities, and would fall under the purvey of a different agency.”

Similarly, lawyer Jake Chervinsky thinks it is unlikely that the SEC is the agency that will go after the USDT because stablecoins “are just about the hardest thing to classify as a security.” Instead, Chervinsky believes NYAG, which is already pursuing Tether in a Martin Act investigation, is best placed to take action.

Still, it remains to be seen if Ardoino’s latest remarks are going to put an end the persistent rumours about the USDT stablecoin.

Do you agree that the USDT stablecoin is already regulated and that the SEC cannot move against it? Tell us what you think in the comments section below.

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Gold Bug Peter Schiff’s Understanding of Money is Flawed, Says His Pro-Bitcoin Son

Gold bug Peter Schiff has been publicly confronted by his 18-year-old son, a bitcoin proponent, on the topic of value. Calling his dad’s understanding of money “Flawed,” Spencer Schiff made the statement in defense of TV Personality Max Keiser, who was having an argument with Peter on Twitter.

‘Your Understanding of Money is Flawed’

Gold bug Peter Schiff was confronted by his son, Spencer Schiff, on Monday after he accused TV personality and bitcoin proponent Max Keiser of not understanding the concept of fiat money.

“According to Max Keiser, I oppose bitcoin because I’m a fiat addict. In the bizarro world of bitcoin, gold is the new fiat,” Peter Schiff tweeted. “Clearly, Max Keiser doesn’t understand the concept of fiat, or how it differs from legitimate currency or actual money. That explains his bitcoin fixation.” At the time of this writing, his tweet got 354 comments and was liked 877 times and retweeted 67 times.

Among those who commented was his son, an 18-year-old bitcoin proponent. Spencer Schiff, a college freshman and student of Austrian economics, replied to his father’s tweet:

Your understanding of money is flawed. You think the key determinant of a money’s soundness is possession of ‘intrinsic value’, a nonsensical concept. What differentiates sound money from fiat money is the former’s emergence on the free market rather than by coercive State edicts.

Many commenters praised Spencer for putting Peter Schiff in his place, with some wondering if he was adopted. Keiser also liked Spencer’s tweet, stating that “The future belongs to bitcoiners. The boomers don’t get it. The millennials and Genz do.” He also urged others to follow Spencer on Twitter.

“By all means follow my son,” Peter Schiff replied. “But not because he has a soft spot for bitcoin. He’s wrong about that. Follow him for all the things he gets right. He’s no monetary scholar yet, but he’s working on it. Losing money on bitcoin will be a costly, but valuable part of his education.”

Peter Schiff and Max Keiser have long been tweeting back and forth about bitcoin and gold. Keiser has predicted that Peter Schiff will panic buy bitcoin at $50,000, just like Warren Buffett and several other bitcoin naysayers, including Mark Cuban and Jim Rogers.

In a tweet on Tuesday, Keiser claimed: “Keep in mind… I started telling Peter Schiff to buy bitcoin at $1. And kept telling him to buy it at $10 $100 $1000.”

Peter Schiff immediately contradicted Keiser, arguing: “I do not recall you ever talking to me about bitcoin when the price was that low. Since so much about bitcoin is a lie anyway, I guess you feel that including a few more makes little difference.”

Do you think Peter Schiff understands what makes money valuable? Let us know in the comments section below.

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CyberGhost VPN Will Shield Your Bitcoin Transactions With a Special 83% off New Year’s Offer

The crypto world is full of malicious hackers and other serious threats to your digital assets. CyberGhost VPN, which is trusted by over 36 million users globally, can help protect your security when making online transactions and payments. The service accepts bitcoin and you can now save over 80% from the regular price with a CyberGhost VPN New Year’s offer.

Make Online Security Your New Year’s Resolution

The incredible wealth stored in digital assets has attracted to the crypto world some of the smartest hackers out there. They plague both companies and individuals using sophisticated methods such as spear phishing, trojans and SIM-swapping, and security breaches have become the norm. For this reason, maintaining excellent online security is an absolute must for crypto users and having a VPN (virtual private network) is considered a vital tool for achieving this.

Using a VPN for encrypting your data when you trade makes it more difficult for hackers to spy on transactions. It also hides your IP address and prevents persistent tracking, so your device’s physical location will not become forever linked to your blockchain wallet address. And it can help avert falling victim to viruses and malware targeted by identity or location. Don’t worry if all this sounds too complicated, CyberGhost VPN makes it easy to protect your data with a very user-friendly approach. Just sign up here, download an app for any device you have, login with your new account and turn on the service with the click of a button.

One of the best and most trusted VPNs you can have is CyberGhost VPN. The service has over 36 million customers all over the world, offers dedicated apps for all platforms, 24/7 customer support, operates under a strict No Logs policy and has an extensive network of over 6000 servers located in 90 countries. One subscription can protect up to seven devices at the same time and the company also offers a 45-day money-back guarantee. CyberGhost VPN is now offering a special deal for New Year’s: just $2.25 per month, plus 3 months free, which is an amazing 83% off from the regular price. To take advantage of this amazing offer click here.

The CyberGhost VPN interface is very user-friendly

Using CyberGhost VPN Offers Many More Advantages

The advantages of using CyberGhost VPN go beyond making safe online transactions with its military-grade AES-256 encryption technology. One of the most important of these, is that it lets you access websites and services that might be blocked in your region. For everyday use this is great for accessing foreign content on video streaming apps like Netflix or the BBC iPlayer. For cryptocurrency users this is far more vital, as it can ensure that you will always have access to an exchange or online wallet holding your assets in case it will be blocked to your country.

Additionally, CyberGhost VPN offers dedicated apps for all operating systems, connected devices and platforms, including: Windows, macOS, Linux, iOS, Android, Apple TV, Android TV, Amazon Fire TV & FireStick, Xbox, PlayStation, and even routers. The service also accepts bitcoin payments in addition to a variety of payment methods that includes credit cards, PayPal and WebMoney.

CyberGhost VPN has over 6000 servers in 90 countries

Protecting your privacy is also a major advantage of CyberGhost VPN for bitcoin traders. The company is headquartered in Bucharest, Romania, and therefore under no legal obligation to keep logs on its users. This allows it to adhere to a Strict No logs policy: it keeps absolutely no records of what you’re doing online and can’t share this information with authorities if they ask. It also publicly releases quarterly Transparency Reports every three months that show its deep and ongoing commitment to privacy. To help further promote security the company even has an educational initiative called Privacy Hub, offering knowledge on how to stay safe and protected online.

To learn more about the many advantages of using CyberGhost VPN and take advantage of this amazing New Year’s offer click here.

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Production of $2.7 Million-per-Episode: South Korean Crypto-Related TV Drama Series Is Set to Start in 2021

A major South Korean TV series with crypto and blockchain-related topics is set to launch its production stage at the beginning of 2021, directed by Gemstone Film, in collaboration with firms in China and the United States.

South Korean Crypto-Related TV Drama Series ‘Pumping Time’ Is Set to Start in 2021

According to Financial News, “Pumping Time,” the tentative name for the drama series, is planned for a total of 10 seasons with 20 episodes per each one. The producers estimate that each episode will have a duration of 30 minutes.

Gemstone Film will allocate an ambitious budget of $2.7 million per episode. Although they didn’t provide full details on the drama series’s stories, the producers gave some hints about the topics to be featured, such as crypto-related frauds, blockchain technologies, and central bank digital currencies (CBDC).

K-Play Content financially backs the production, and the producers already hired Choi Wan-kyu, a well-known drama writer in South Korea, who will be leading the creative aspect of the drama series.

Financial News claims there are “top stars” from South Korea, China, and the US who are already in talks to work in the production, together with “celebrities in the existing cryptocurrency industry” who are expected to appear in cameos “for more fun.”

The producers also stated they’re expecting to launch trailers that feature crypto and blockchain topics to educate people about the matter.

K-Pop Singers Also Featuring Crypto-Themed Series in South Korea

Similar productions have been made in South Korea, but this is the first one that allocates a whopping budget. Back on July 23, 2020, Cho Hyun-young, a K-pop singer and actress, was announced as the new member of the cast of a crypto-themed series that features a raid of a fictional local crypto exchange.

Pumping Time is set to be launched at any point in 2021, whose production will start in January 2021. However, it has been planned since “a long time ago,” said Financial News, but as happened with many TV productions across the globe, Gemstone Film halted the series’ production due to the current global circumstances in the wake of the pandemic.

What do you think about the interest of the entertainment sector in featuring crypto topics in TV series? Let us know in the comments section below.

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Nasdaq Listed Greenpro Capital to Set up Bitcoin Fund Using a $100 Million Loan

The Nasdaq listed Greenpro Capital Corporation has revealed plans to set up a bitcoin fund using $100 million in borrowed funds. In addition to the borrowed funds, Greenpro, through its subsidiary Cryptosx, says it plans to use its own cash resources to acquire the digital asset.

The financial services firm which has its headquarters in Hong kong joins the growing list of banks, hedge funds, insurance companies and institutions holding bitcoin. In a statement announcing plans to set up the fund, Greenpro shares its “belief that bitcoin, as the world’s most widely-adopted cryptocurrency, is a reliable future store of value.” The statement also adds:

We believe the strategic management of our balance sheet, combined with the implementation of our BTC Fund and crypto strategy will produce significant future value for the company.

Furthermore, according to the statement released on December 28, the firm’s CEO CK Lee has already instructed Greenpro’s “investment bankers to raise debt in Q1, 2021 of up to US$100 million to invest in BTC.”

Meanwhile, in addition to BTC, Greenpro Capital says it also believes that “other top cryptocurrencies such as Ethereum will provide the opportunity for better returns and preserve the value of our capital over time rather than holding cash.”

From the beginning of the last quarter of 2020, BTC has been on an extended bull run as large corporations took turns in announcing that they will be holding the digital asset. According to the website that tracks public companies holding the digital asset, there are now 29 such companies.

What do you think of Greenpro’s proposed bitcoin fund? You can share your views in the comments section below.

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Ripple Assails the SEC, Claims the $1.3 billion Lawsuit is an ‘Attack on the Entire Crypto Industry Here in the United States’

Ripple has hit back at the U.S. Securities and Exchange Commission (SEC), accusing it of creating more uncertainty and failing in its duty to protect the crypto community. In panning the SEC’s decision to designate its XRP token as a security, the company claims the regulator’s lawsuit against it amounts to an attack on the entire crypto market in the US.

XRP Token Holders Affected

The latest comments by the Ripple team follow reports of the delisting of the XRP token by Coinbase. In a short statement released on December 29, the firm, which is promising another “response in a few weeks to address these unproven allegations against Ripple”, starts by claiming that the public and the media are currently only aware of the SEC’s narrative.

The Ripple team then assails the SEC’s $1.3 billion lawsuit against the company arguing that it has affected “innocent XRP retail holders.” Since the announcement of the lawsuit, the XRP token has now lost more than 50% of its value and the trend is set to continue as more exchanges delist the token. The Ripple statement explains:

We’ve always said that there is a dangerous lack of regulatory clarity for crypto in the U.S. — their lawsuit has already affected countless innocent XRP retail holders with no connection to Ripple. It has also needlessly muddied the waters for exchanges, market makers and traders.

Ripple Customers Outside the US

Meanwhile, the Ripple team, whose executives have previously threatened to pull out of the United States, is also reiterating the assertion that the token is mainly traded outside that country.

“The majority of our customers aren’t in the U.S. and overall XRP volume is largely traded outside of the U.S. There are clear rules of the road for using XRP in the UK, Japan, Switzerland, and Singapore, for example,” reads the Ripple statement.

In the meantime, the Ripple team says it is prepared to defend itself in court although the statement suggests that the company is also pinning its hopes on the incoming SEC leadership. The tenure of the Jay Clayton led SEC board, which made the decision to file the lawsuit against Ripple, recently ended. Following Clayton’s departure, lawyer Elad Roisman has been appointed the acting chairperson.

New SEC Board Unlikely to Change Course

However, others like lawyer Jake Chervinsky say the odds are still against Ripple winning despite the board changes. In a Twitter post, Chervinsky says:

It’s extremely unlikely that changes in SEC leadership will have any impact on the Ripple case. Given Comm’r Peirce’s conspicuous silence, I’d guess the vote was unanimous in favor of filing. Regardless, the case is being prosecuted by enforcement lawyers who are here to stay.

Interestingly, while the SEC has already ruled that bitcoin and ethereum are not securities, that has not stopped bitcoin opponents like Peter Schiff from entertaining the thought. In his latest tirade against bitcoin, Schiff weighs into the Ripple/XRP debacle by asking what would happen if the SEC similarly designated bitcoin as a security.

Do you think that the recent changes at the SEC will have an impact on the outcome of this case? Share your thoughts in the comments section below.

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Elon Musk Endorses Cryptocurrency for Martian Economy

Spacex and Tesla CEO Elon Musk, widely believed to be the man taking humanity to Mars and building a permanent settlement there, tweeted his approval of the idea that Mars’ economy will run on cryptocurrency.

Elon Musk Envisions Mars’ Economy Run on Cryptocurrency

Elon Musk believes that Mars’ economy will be run on cryptocurrency. He said early this month that he is “highly confident” that his company Spacex will land humans on Mars “about six years from now.” He further noted that it could even come as early as 2024 “if we get lucky.” Musk previously said that his aim is to set up a “self-sustaining city on Mars as soon as possible.”

The subject of cryptocurrency running Mars’ economy briefly came up on Twitter last week. AI researcher Lex Fridman tweeted, “Mars economy will run on crypto.” In response, Twitter handle Elon’s World suggested, “Marscoin.” Musk himself replied with just a “Yes.”

It is not clear if Musk was referring to the cryptocurrency called “marscoin” that was launched in 2014 or if he was just talking about a future project with the same name. The existing project was launched for the purpose of becoming a Martian currency, according to its project page. Its code was a fork of Litecoin, and it originally traded on Nova Exchange. However, after peaking during the 2017 initial coin offering (ICO) bubble, its price dropped sharply and the coin was delisted from Nova soon afterward. Furthermore, Nova Exchange officially closed for business on Jan. 28.

Musk has also recently been talking about two other substantially more popular cryptocurrencies: bitcoin and dogecoin. Last week, he pondered the idea of his company Tesla putting billions of dollars into BTC, as suggested by the CEO of Nasdaq-listed Microstrategy which now has about 70,470 BTC in its treasury. Musk asked, “Are such large transactions even possible?” He also tweeted about dogecoin a number of times over the years. Until very recently, his Twitter profile displayed: “Former CEO of Dogecoin.”

Spacex said in October that it will not be recognizing any international law on Mars. Its Starlink internet project’s terms of service state: “For services provided on Mars, or in transit to Mars via Starship or other colonization spacecraft, the parties recognize Mars as a free planet and that no Earth-based government has authority or sovereignty over Martian activities. Accordingly, disputes will be settled through self-governing principles, established in good faith, at the time of Martian settlement.”

Which cryptocurrency do you think Mars’ economy will be run on? Let us know in the comments section below.

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US Treasury Warns of Increasing Ransomware Campaigns Against Coronavirus Vaccine Research Institutions

The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued a warning that alerts financial institutions in the United States about increasing ransomware attacks against coronavirus vaccine research organizations.

US Treasury Warns of Ransomware Attacks, Phishing Schemes Targeting Covid-19 Vaccine Research Institutions

According to the alert, FinCEN says that fraud, ransomware attacks, and “similar types of criminal activity” target the distribution of Covid-19 vaccines, which could affect their supply chains if proper actions are not taken on time.

The alert reads as follow in regards to ransomware campaigns:

Cybercriminals, including ransomware operators, will continue to exploit the Covid-19 pandemic alongside legitimate efforts to develop, distribute, and administer vaccines. FinCEN is aware of ransomware directly targeting vaccine research, and FinCEN asks financial institutions to stay alert to ransomware targeting vaccine delivery operations as well as the supply chains required to manufacture the vaccines.

Within the attacks, the bureau states that phishing schemes are on the rise by placing misinformation about Covid-19 vaccines as bait to catch victims. The alert provides a series of steps that institutions should follow to report such incidents to FinCEN.

The warning was published the same day that the U.S. Food and Drug Administration (FDA) issued two emergency authorizations for coronavirus vaccines.

Financial Companies That Facilitate Ransomware Payments Could Face Sanctions

But the ransomware campaigns’ incidents have another component that put extra weight on the financial institutions’ back. On October 1, 2020, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) released an advisory to highlight the sanctions risk associated with ransomware crypto payments.

In fact, the OFAC warns:

Companies that facilitate ransomware payments to cyber actors on behalf of victims, including financial institutions, cyber insurance firms, and companies involved in digital forensics and incident response, not only encourage future ransomware payment demands but also may risk violating OFAC regulations.

On December 19, 2020, news.Bitcoin.com reported that the U.S. Federal Bureau of Investigation (FBI) published an alert warning private industry about incidents of harassment of victims made by ransomware gangs via telephone calls.

What are your thoughts on the alert issued by FinCEN? Let us know in the comments section below.

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Blockchain Projects Detoken and Anyhedge Launch Bringing Defi to Bitcoin Cash

On December 30, the decentralized finance (defi) platform Detoken and the firm General Protocols announced the launch of Anyhedge, the first public defi product built on the Bitcoin Cash network. Detoken users will be able to hedge or long their bitcoin cash and earn a funding premium while holding their keys in a noncustodial fashion.

This week, bitcoin cash (BCH) users will get a chance to leverage the first public defi product built on the BCH blockchain. The team from Detoken and the organization General Protocols recently launched the Anyhedge protocol and Detoken, a noncustodial, browser-based wallet. Essentially, Detoken describes itself as a “trust-less and secure way to access peer-to-peer financial products from anywhere in the world.”

“The first product available on Detoken is the Anyhedge BCH-USD futures contract,” the announcement details. “This is a smart contract which allows users to Hedge or Long their BCH while earning funding premium. Users also retain control of their own money throughout the entire process.”

News.Bitcoin.com reported on General Protocols in April 2020, when the firm first revealed the blockchain-enforced synthetic derivatives for BCH. The creators of Anyhedge include well known software developers such as John Nieri (emergent_reasons), Jonathan Silverblood, Eric Teng, and Imaginary_username. The Anyhedge protocol is also open source and anyone can access the libraries and documentation.

“Detoken is a noncustodial, browser-based wallet with an Anyhedge custom integration inside it,” the team member’s announcement explains. “In collaboration with General Protocols, Detoken has developed proprietary market making and contract entry systems which allow traders to speculate on the price of BCH completely onchain.”

The launch announcement adds:

Hedge and long positions are made possible by a smart contract on the BCH blockchain, where both parties pay into a Pay-to-Script-Hash (P2SH) address using a custom funding transaction.

The launch has been under construction for quite some time as General Protocols revealed Anyhedge in 2019 at the Bitcoin Cash City Conference. Detoken was created by Semyon Germanovich and the team that developed Cryptophyl, the Simple Ledger Protocol (SLP) exchange. Germanovich decided to retire Cryptophyl so the team could dedicate all of its energy toward the defi project Detoken.

“Bitcoin Cash has huge potential for building cutting edge financial products,” Germanovich stressed during the launch announcement. “Low transaction fees and a simple scripting language bring a powerful toolset to the table. We’ve demonstrated that defi can be done on Bitcoin Cash with this product launch. I encourage everyone to try Detoken and see just how cheap defi can be.”

Germanovich added:

The guys at General Protocols have done a fantastic job. The next step is to allow users to provide automatic liquidity and add transferability to the contracts. I can’t wait to continue working with General Protocols to make this happen. This is just the beginning.

Moreover, in the two hours after launch, Detoken users created more than $10,000 of Anyhedge contracts, all onchain, instant, and with almost zero network fees. Additionally, the contract details are private until settlement due to the built-in privacy of Bitcoin Cash smart contracts. By 8:30 a.m. EST, Detoken stats shown over $30,000 USD of contract value had been traded on Anyhedge.

What do you think about Detoken and the Anyhedge protocol? Let us know what you think about this subject in the comments section below.

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Bitcoin Miners Earn Over $1 Million per Hour — Revenue Increases 185% Since the 2020 Halving

Bitcoin miners have been yielding a very profitable year in monthly revenues, as the latest onchain data shows significant figures at its highest levels since 2019.

Hourly Bitcoin Mining Revenues Hits 2019 Highs

According to Glassnode, BTC miners are currently earning $1 million per hour, meaning an increase of 185% since the halving happened in mid-May when the bitcoin network cut the number of BTC that miners earn for processing transactions in half.

The last time miner’s revenue was hovering around such highs was in July 2019, stated Glassnode, adding that “block rewards were twice as high than today.”

The figures are impressive but not surprising at all, considering that 2020 has been characterized by a pandemic that hit the world and, consequently, the markets.

However, the recent crypto bull-run, especially with bitcoin skyrocketing to all-time highs above the $28,000 threshold, helps increase the activity on the Bitcoin blockchain, which is something that miners take advantage of.

Overall, Glassnode estimates BTC miners’ total revenue stands at $13 billion, making it a heavy-weight industry within the crypto sphere and an attractive one for businesses looking to invest in the crypto mining industry.

Latest Developments in the Crypto Mining Industry

On December 16, 2020, news.Bitcoin.com reported that the latest generation mining rigs’ prices have gone up 35% since the beginning of November. The observed price increase comes as Bitmain and Microbt are reportedly sold out until May 2021.

Recently, Nevada-based company Cleanspark Inc. announced the U.S.-based bitcoin miner ATL Data Centers’ acquisition in a $19.4 million deal that is expected to be completely settled in shares.

As of press time, according to Bitinfocharts data, bitcoin average transaction fee remains at $8.7, still off from the highs reached on October 31, 2020, at $13.15. Fees increase when there is congestion on the network. Moreover, the stock prices of crypto mining-related companies started the last week of 2020 by posting gains, such as Hive Blockchain Technologies and Riot Blockchain.

What are your thoughts on the current status of the bitcoin mining business? Let us know in the comments section below.

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